DXY formed a Head & Shoulder pattern on weekly chart. From my analysis I expect it goes lower due to the following technical reasons:
1. The price formed a Head and Shoulder patter on weekly time frame. Which is a strong trajectory that it will continue going short.
2. 50 & 30 EMAs crossed over to the downside which is the first time after it crossed to the upside in June 2021
The only issue here is that we will face a turbulence which is a strong demand zone. If the price breaks below the demand zone, then the price will have a clear direction or else it will continue on a sideway move during summer season.
1. The price formed a Head and Shoulder patter on weekly time frame. Which is a strong trajectory that it will continue going short.
2. 50 & 30 EMAs crossed over to the downside which is the first time after it crossed to the upside in June 2021
The only issue here is that we will face a turbulence which is a strong demand zone. If the price breaks below the demand zone, then the price will have a clear direction or else it will continue on a sideway move during summer season.
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