In this chart I try to understand which channel DXY will choose.
In dayly chart we can see 3 channels.
----- Main uptrend channel (redline ), starting 2011, July
----- Last downtrend channel (yellowline), starting 2020, March
----- Last week's pullback channel (greenline)
Last month, after the breakout of main uptrend channel we see a pullback failure, for now it is very hard to say that pullback is over. Its possible to turn back the main channel for long terms.
Dxy still moves up and down between yellow downtrend's middle and bootom lines.
Still EMA200 is a strong resistance, and the price trying to stay over the EMA50.
In this week we will see if its try to follow green channel to cross the redline or move move down and will go yellow bottom. In the same time put an eye on RSI and yellow trendline.
In brief: we can say if it tries to pullback to main channel and manages it will be a very fast and strong movement to up, otherwise follows the yellow channel to go down.
So this week its better to watch and not to take a big position for both short and long.
94,23-94,69 first resistance area
93,44-92,76 first support area
!!! Warning: This is not a trade idea, be carefull about your personel risk assesment. !!!
In dayly chart we can see 3 channels.
----- Main uptrend channel (redline ), starting 2011, July
----- Last downtrend channel (yellowline), starting 2020, March
----- Last week's pullback channel (greenline)
Last month, after the breakout of main uptrend channel we see a pullback failure, for now it is very hard to say that pullback is over. Its possible to turn back the main channel for long terms.
Dxy still moves up and down between yellow downtrend's middle and bootom lines.
Still EMA200 is a strong resistance, and the price trying to stay over the EMA50.
In this week we will see if its try to follow green channel to cross the redline or move move down and will go yellow bottom. In the same time put an eye on RSI and yellow trendline.
In brief: we can say if it tries to pullback to main channel and manages it will be a very fast and strong movement to up, otherwise follows the yellow channel to go down.
So this week its better to watch and not to take a big position for both short and long.
94,23-94,69 first resistance area
93,44-92,76 first support area
!!! Warning: This is not a trade idea, be carefull about your personel risk assesment. !!!
