j.Hejazi | Bullish Signals for DXY

The US Dollar Index has produced a bullish engulfing candle on the weekly timeframe after failing to break down the weekly resistance level at 101.50.
On the daily timeframe, there is a breakout of the falling wedge pattern with a positive divergence on the MACD indicator.
The price still has three more resistance levels to overcome before it can be considered a buy signal: the yearly ascending trendline, the 103.5 resistance level, and the 50-day moving average.
Once the buy signal is in play, the potential target may be 105.70, but the price may fall to retest 103.5 to form a head and shoulders pattern.

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Chart PatternsdolardollarindexDXYEURUSDTechnical IndicatorspatternTrend Analysiswedgebreakout

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