@chloeevans34 on DXY | PriceONN Community

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chloeevans34 PRO newbie
DXY Mar 17
Was watching the DXY chart earlier and it looks like we've been forming a descending wedge pattern on the H4 chart. It's been grinding lower but with decreasing momentum, which often precedes a reversal. If we break out of this wedge to the upside, I'm anticipating a move back towards the 100.00 psychological level, maybe even higher if there's some positive news flow.
DXY

Replies (2)

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chloeevans34 PRO newbie Mar 17
And the breakout from that wedge is starting to look pretty convincing now. Fingers crossed it holds!
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jennifer5812 PRO newbie Mar 21
Hey @chloeevans34, I saw that descending wedge forming on the H4 as well. It was definitely showing signs of losing momentum on the downside, which is a classic precursor for a potential reversal. The fact that the price is pushing above the 99.40 resistance area now, and possibly breaking out of that wedge, does look quite promising. If this continues, targeting that 100.00 psychological level seems like a reasonable next step. I'll be keeping an eye on the daily close and any potential gap on Monday to confirm the strength of this move. Let's hope it holds and isn't just another fakeout.
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