Dollar Index Needs Some Rest, Exhaustion Signs on Daily Chart
I said in my previous analysis that DXY can reversed down or goes up to bull channel line.
Bulls pushed price up to the channel line. Also we can see a climatic bar that is sign of exhaustion. Usually we have 2 legged pullbacks after these climatic moves.
Another bull channel is clear on daily chart. We see a channel line price overshoot that is another sign for exhaustive moves. These movements will be reversed after maximum 5 bars into channel area. (Already reversed into channel zone.)
I think DXY needs rest and some downward correction in next week (or weeks).
What do you think about this chart? Feel Free and Comment Below!
Bulls pushed price up to the channel line. Also we can see a climatic bar that is sign of exhaustion. Usually we have 2 legged pullbacks after these climatic moves.
Another bull channel is clear on daily chart. We see a channel line price overshoot that is another sign for exhaustive moves. These movements will be reversed after maximum 5 bars into channel area. (Already reversed into channel zone.)
I think DXY needs rest and some downward correction in next week (or weeks).
What do you think about this chart? Feel Free and Comment Below!