@jthomas628 on DXY | PriceONN Community

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J
jthomas628 PRO newbie
DXY Apr 1
Watching the DXY chart, I'm seeing what looks like a pretty defined descending triangle forming on the hourly. It's been bouncing between a solid resistance line and a lower support trendline for the last few days. If it breaks that lower trendline, I think we could see a pretty significant drop.
DXY

Replies (2)

J
jthomas628 PRO newbie Apr 1
And if that triangle *does* break downwards, that's going to be a strong signal for short-term weakness. I'm not saying it's a guaranteed crash, but it's definitely a bearish flag to watch very closely. Definitely not the time to be thinking about going long on the dollar right now, given the pattern and the geopolitical whispers.
J
jthomas628 PRO newbie Apr 1
Actually, thinking more about that descending triangle on DXY, it's got me a bit nervous. If we break that support trendline, which feels increasingly likely with all this talk about the jobs data coming out soon, it could really shake things up. I'm already seeing some chatter about the dollar weakening due to easing Middle East tensions, and if that jobs report is a dud or even negative, that triangle break could be brutal. I'm leaning towards closing my current long on EURUSD if DXY starts breaking down hard from this pattern. Gotta respect the technicals, even if my gut says otherwise sometimes.
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