DXY(U.S.Dollar Index): Detailed Technical Outlook!
↪️Currently, the price is examining a strong convergence area on a broad level of support.
Examining shorter time frames, I noticed a descending wedge pattern on the 4-hour time frame.
I will carefully observe how the price responds to the edges of this pattern.
Based on the reaction to the mentioned formation, I can envision 2 possible outcomes:
1️⃣ If you are considering purchasing DXY, I recommend waiting for a bullish breach of the wedge resistance. Once it breaks out on a bullish note, it is likely to continue rising towards at least 103.33. To confirm the breakout, we need to see a 4-hour candle closing above that level.
2️⃣ If you are interested in shorting, I suggest waiting for a bearish breach of the horizontal support zone at 102.61. A 4-hour candle closing below this level will initiate a bearish continuation towards the 102.00 region.
Wait for a breakout and only then follow the market. What do you expect?👇
Examining shorter time frames, I noticed a descending wedge pattern on the 4-hour time frame.
I will carefully observe how the price responds to the edges of this pattern.
Based on the reaction to the mentioned formation, I can envision 2 possible outcomes:
1️⃣ If you are considering purchasing DXY, I recommend waiting for a bullish breach of the wedge resistance. Once it breaks out on a bullish note, it is likely to continue rising towards at least 103.33. To confirm the breakout, we need to see a 4-hour candle closing above that level.
2️⃣ If you are interested in shorting, I suggest waiting for a bearish breach of the horizontal support zone at 102.61. A 4-hour candle closing below this level will initiate a bearish continuation towards the 102.00 region.
Wait for a breakout and only then follow the market. What do you expect?👇
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For paid signal👇👇 t.me/linofx1999