DXY FALLING WEDGE BREAKOUT CALLS FOR 100 DXY TARGET
The DXY has broken out of a falling wedge pattern for a few days now. Now, the 20-day moving average has crossed the 50-day moving average, adding further credibility to this breakout.
Medium-term target is 100 on the DXY index . Keep in mind the DXY is heavily weighted with EUR and JPY. For a better idea of how the dollar is doing globally, I would advise to look up the Trade-weighted U.S. Dollar Index, available on the FRED website. To note, despite a double-top pattern on the DXY, the dollar on a trade-weighted basis has made higher highs.
I am of the opinion that the dollar rally is not over, and that the recent correction is merely a correction in a longer-term dollar rally. I anticipate more pressure on EMs, commodities , and remain neutral to bearish on PMs.
Medium-term target is 100 on the DXY index . Keep in mind the DXY is heavily weighted with EUR and JPY. For a better idea of how the dollar is doing globally, I would advise to look up the Trade-weighted U.S. Dollar Index, available on the FRED website. To note, despite a double-top pattern on the DXY, the dollar on a trade-weighted basis has made higher highs.
I am of the opinion that the dollar rally is not over, and that the recent correction is merely a correction in a longer-term dollar rally. I anticipate more pressure on EMs, commodities , and remain neutral to bearish on PMs.
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DXY breaks triangle.
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