MarketBreakdown | Dollar Index, USDCHF, S&P500 Index, AUDJPY

3 lug 2023

https://www.tradingview.com/x/ZQdPjxNB/

Here are the updates & outlook for multiple instruments in my watchlist.

1️⃣ Dollar Index (DXY) daily time frame 💲
The Index broke and closed above a resistance line of a falling expanding wedge pattern.
It was retested on Friday.

Probabilities are high, that a bullish movement will initiate from a broken trend line soon.

2️⃣USDCHF daily time frame 🇺🇸🇨🇭
The pair keeps consolidating. The market is stuck within a horizontal range.

For now, the plan is to wait for a breakout of one of its boundaries.
A bearish breakout of the support of the range will trigger a strong selloff,
while a bullish breakout will be an important bullish signal.

3️⃣ S&P500 Index (SPY) daily time frame 💲
The market is currently testing a local daily high.
If the price violates and closes above that, it will be a strong bullish signal.
A bullish continuation will be expected then.

4️⃣ AUDJPY daily time frame 🇦🇺🇯🇵
The pair is trading in a long-term bullish trend.
After the price set the last high, a correctional movement started.
The pair formed a falling wedge pattern.
Its resistance was broken last week.

I believe that a trend-following movement will initiate soon.

Do you agree with my market breakdown?

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