Last night as DXY tried its lower TL we saw a breakout on the UJ chart. I expect a bigger breakout on DXY very soon.
While the lower TFs show an uptrend, we need to remain cognizant of the Weekly and Daily TFs. In Janurary DXY made a lower low when it touched 88. Since it’s had trouble breaking the resistance at 95, it’s becoming more and more likely that it will try its last low again, or at least the support at 92.
DXY is testing its 4H trendline. Its upward structure is still intact.
DXY still has its uptrend intact, however the rejection at 95 is strong. UJ and DXY are both at critical decision points. We’ll find out tonight, most likely, which direction they’re headed.
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DXY tested our 95 – 95.5 Resistance zone and rejected it. I interpret this as an indication of weak bulls. We’re coming closer to the end of the ascending triangle pattern, so this consolidation shouldn’t last another week. I expect a breakout this coming week or next.