DXY - iH&S + falling wedge failure = ?
The trend is down, and it remains so until bullish structure (higher highs & higher lows) is made.
There are two iH&S patterns marked on the chart.
First one that took place was last year from August till September, which failed when the right shoulder was violated and bullish structure struggled to form.
Second iH&S failure is taking place right now, with the price failing to maintain 90 level.
Falling wedge pattern is also failing to keep DXY from dropping lower.
The grey path is just price action I mimiced from the first iH&S.
This all leads us to multi-year S/R zone, which is the upper grey area marked on the chart. I personally think that it's not going to hold and DXY could fall to even lower levels, around 85, which is the lower grey area on the chart.
Falling Dollar = higher prices for basically anything that trades against it.
There are two iH&S patterns marked on the chart.
First one that took place was last year from August till September, which failed when the right shoulder was violated and bullish structure struggled to form.
Second iH&S failure is taking place right now, with the price failing to maintain 90 level.
Falling wedge pattern is also failing to keep DXY from dropping lower.
The grey path is just price action I mimiced from the first iH&S.
This all leads us to multi-year S/R zone, which is the upper grey area marked on the chart. I personally think that it's not going to hold and DXY could fall to even lower levels, around 85, which is the lower grey area on the chart.
Falling Dollar = higher prices for basically anything that trades against it.
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