The US Dollar Index (DXY) is continues to behave because it has over the previous yr+ because it started
The US Dollar Index (DXY) is continues to behave because it has over the previous yr+ because it started grinding its manner greater ever so slowly. So slowly, that barring a serious breakout the yearly vary would be the smallest since 1976.
With that stated, although, that doesn’t imply there isn’t nonetheless alternatives on the market. They may simply be fewer and smaller. The DXY sample as talked about is taking part in out just like different instances within the cycle. The surge to begin the month was met with a retracement, which has not turned again into one other leg greater up to now. If the DXY follows the script then one other run in the direction of 99 or higher ought to quickly be within the works.
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DXY Day by day Chart (in search of continuation rally)
US Dollar Index (DXY) Chart by TradingView
EUR/USD would be the key driver right here for the DXY because it stands as the biggest constituent within the index at a hefty 57% weighting. Presently it’s sitting on a minor type of pattern help off the October 1 low. A breakdown beneath 10989 ought to get the ball rolling in the direction of the cycle low at 10879.
EUR/USD Day by day Chart (path of least resistance decrease)
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