US dollar - Weekly divergence warning of strength to come? #DXY
Just did a quick observation on the US Dollar Index #DXY over the last 5 to 6 years. The technical picture is looking strikingly similar to the 2017-2018 period where we saw the Dollar exhibit some decent strength. If History repeats then we could expect the dollar to move to at least the yearly pivot at approximately 94.00 over the next few weeks into May 2021.
We are witnessing a new low in price for the index which has not been confirmed by the higher lows in both the RSI and MACD indicators - (Positive Divergence). We are also reversing and consolidating above the bottom of what looks like a rectangular box that has contained price action for the greenback since 2015.
It will be interesting to observe if similar price action unfolds..
We are witnessing a new low in price for the index which has not been confirmed by the higher lows in both the RSI and MACD indicators - (Positive Divergence). We are also reversing and consolidating above the bottom of what looks like a rectangular box that has contained price action for the greenback since 2015.
It will be interesting to observe if similar price action unfolds..
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