DXY - Rising bearish wedge breakdown through resistance.
Looking on the daily time frame, we can see that from fall of 2020, the DXY carved out a solid trend line that the price bumped up against several times before breaking through earlier this summer. However, the breakthrough created a rising wedge pattern which showed signs of breakdown friday of last week.
Price action has since fallen through the rising wedge, providing a target in the 0.91 area.
The price has also begun falling through the former resistance trend line. A weekly close today followed by confirmation at the end of the month could bring about a retest of DXY lows from the last 8 months.
Price action has since fallen through the rising wedge, providing a target in the 0.91 area.
The price has also begun falling through the former resistance trend line. A weekly close today followed by confirmation at the end of the month could bring about a retest of DXY lows from the last 8 months.
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