The US Dollar is testing main uptrend assist after reversing sharply off multi-year slope resistance. Whereas the broader exhaust
The US Dollar is testing main uptrend assist after reversing sharply off multi-year slope resistance. Whereas the broader exhaustion commerce stays in focus, the speedy decline may even see some interruptions right here. These are the up to date targets and invalidation ranges that matter on the DXY weekly worth chart. Review my latest Weekly Strategy Webinar for an in-depth breakdown of this Loonie worth setup and extra.
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US Greenback Value Chart – DXY Weekly
Chart Ready by Michael Boutros, Technical Strategist; DXY on Tradingview
Notes: In my final USD Price Outlook we famous to, “Be looking out for attainable topside exhaustion into this slope extending off the 2018 excessive with a weekly shut above wanted to gas the subsequent leg larger in worth.” DXY tried to breach this trendline early within the month earlier than reversing sharply with the index falling greater than 1.8% off the highs. Notice that weekly momentum additionally failed to carry a break above a resistance set off we’ve been monitoring for over a year- additional highlighting the draw back danger to the dollar.
That mentioned, the decline is now testing a multi-year trendline relationship again t the 2018 lows- a break / shut under this slope is required to maintain the short-bias viable with such a state of affairs focusing on confluence assist on the…