I am aware that the US dollar index (DXY) has been range-bound since May 2025, but the technical confluence on deck right now is notable and could prompt USD bulls to change gears.
Bolstered by a descending support taken from the high of 100.40 and a neighbouring Fibonacci cluster around 97.50 – 61.8% and 78.6% retracements – a double-bottom pattern is forming off the lows at 97.63. While the greenback is tentatively bullish right now, I would think buyers would want to see price engulf the pattern’s neckline at 99.34 before having enough conviction to perhaps take aim at 31 March 100.64 highs. This would be closely followed by the pattern’s profit objective at 101.04 – levels not seen in play since May 2025.
Written by FP Markets Chief Market Analyst Aaron Hill
Bolstered by a descending support taken from the high of 100.40 and a neighbouring Fibonacci cluster around 97.50 – 61.8% and 78.6% retracements – a double-bottom pattern is forming off the lows at 97.63. While the greenback is tentatively bullish right now, I would think buyers would want to see price engulf the pattern’s neckline at 99.34 before having enough conviction to perhaps take aim at 31 March 100.64 highs. This would be closely followed by the pattern’s profit objective at 101.04 – levels not seen in play since May 2025.
Written by FP Markets Chief Market Analyst Aaron Hill
ملاحظة
Starting the play out very nicely after the BO above the pattern's NL! - AH
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إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.