DXY Bullish Pattern

In my previous analysis of US dollar index, I expected more retrace and drop around (92.800 - 92.900), but it seems the bullish pressure is high and price is not going to be dropped lower.

As you see in the 4H chart, we have an uptrend which has started a correction phase in the form of a flag pattern.

Currently, price is bouncing in a bullish flag pattern and struggling to break the Weekly High (93.250)

If the Weekly High and the flag pattern broken out to the upside and fixed above them, we can expect a rise on the index around the Monthly High (93.700) and in the case of an upside breakout on this level, the next target would be 94.00 which is the next resistance barrier.

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코멘트:

Although the flag pattern broken out to the upside, price came back all the way up inside the flag’s body.
This move was news effect and price didn’t rise as we expected.