The Dollar's Pivotal Juncture
The Dollar Index (DXY) is currently at a crucial inflection point. While the previous week's close below 98.00 confirmed a bearish scenario, our updated outlook for the upcoming week suggests a potential shift. The DXY is presently trading at 97.2. We are observing the DXY closely to see if it can break above its downward risk trendline. A decisive weekly candle close above the 98.00 - 99.00 range could signal a reversal pattern, indicating short-term dollar strength and a potential retracement higher. This would lead to a "Bullish Dollar Scenario," impacting correlated assets. Conversely, a continued bearish close for the DXY weekly candle will keep us on track for our previously outlined "Bearish Dollar Scenario" setups.
The Dollar Index (DXY) is currently at a crucial inflection point. While the previous week's close below 98.00 confirmed a bearish scenario, our updated outlook for the upcoming week suggests a potential shift. The DXY is presently trading at 97.2. We are observing the DXY closely to see if it can break above its downward risk trendline. A decisive weekly candle close above the 98.00 - 99.00 range could signal a reversal pattern, indicating short-term dollar strength and a potential retracement higher. This would lead to a "Bullish Dollar Scenario," impacting correlated assets. Conversely, a continued bearish close for the DXY weekly candle will keep us on track for our previously outlined "Bearish Dollar Scenario" setups.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.