DXY Minute: Sill Displaying Bullish Characteristics
DXY spot (and DXY futures) is displaying an interesting combination of Bullish Divergences on its strength oscillator (MACD) relative to price. In the spot market, these are very subtle and are best viewed on the 3 hour chart, in my opinion. While DXY has not traded lower than its last low, when it found a lower low on more strength, it has traded lower than its 2nd preceding low, but on more strength relative to that data point. At the same time, it has maintained a higher low than its immediately preceding low, but on less strength. SO, the low we are working off of, currently, struck in early June, still stands as a bullish bottom. These additional data points are interesting, because they add up to a trifecta, if you will, of bullish sentiment that cannot seem to be broken, at least not yet.
I have long held, at least since March/April of this year, that DXY is motivated to retest its last high and will eventually find its way. First, the pure impulse failed, then I looked at some Diagonal Patterns, and now I have further altered the diagonal pattern to the current price action. Still, as far as motivation to the upside, nothing is broken, although certainly bruised.
However, while there are plenty of traders trying to explain price with triangles, diamonds, circles, and squares, I stand by my prediction that DXY will eventually reach above 108, and higher, to complete this cycle b wave.
I have long held, at least since March/April of this year, that DXY is motivated to retest its last high and will eventually find its way. First, the pure impulse failed, then I looked at some Diagonal Patterns, and now I have further altered the diagonal pattern to the current price action. Still, as far as motivation to the upside, nothing is broken, although certainly bruised.
However, while there are plenty of traders trying to explain price with triangles, diamonds, circles, and squares, I stand by my prediction that DXY will eventually reach above 108, and higher, to complete this cycle b wave.
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