DXY ... Another TA viewpoint ... Looking at
A.P.'s(Andrew's Pitchfork) going back to the Mar. '11L.
Bullish(yellow) still very, well, bullish. Bounced from lower-tyne(LT) to form the 2018L that also was the LT of the (pink) Bear A.P. ... both classic levels of support in A.P. 'language'. Now, whilst it has yet to regain SP above the mediun-tyne(MT) of our Bull A.P. it is already above the MT of the Bear A.P.
Even, both P.B.(Paddinton bear) 'n CP(
@CaptainGrumpy ) have pointed out a (potentially) nasty reverse H 'n S pattern lurking ... its nothing more than a (slight) potential at this stage... There is plenty of upside potential in the RHS to go and not destroy the patterns potential(structure) and no real signs that the RHS is already set.
In addition, looking at the attached
Oscillators certainly we could/should see a fall from near present levels BUT I feel short-lived as not all are in Bear Sync. Whilst we do have _ve Divergence in the CCI, SSTO and Histogram this 'tool'(divergence), as P.B. so rightly pointed out, can linger for a long time. Also, the more reliable 'slow' MACD(i.e. for sustained trend following) is clearly on the rise, widening and now above the 0% level ... no Bearishness there!
The most noticeable(and important)
Fibs ranges (green and cyan) also highlight how important that 2018 low was ... 50% and 61.8%. ... but the current rally is not too far from the near-term(grey) Fib range retracement level. ... but we are currently trading back just above 2 x 38.2% Fibs and also back-testing the MT of the (pink) Bear A.P. which again is the norm.
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