US Dollar Index (DXY) Breaking Out of Bearish Price Pattern
USD Technical Highlights:
- DXY falling out of rising wedge after head-fake
- Looking for the bottom of the pattern at the least
The DXY head-faked higher yesterday out of a rising wedge and with it now breaking down out of the bottom-side line of the pattern it appears on its way lower. It will take a reversal and breakout about the high at 110.78 to negate a bearish trading bias. Looking for support down around 107.59.
Watch the video above for the full set of details.
US Dollar Index (DXY) 4-hr Chart
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---Written by Paul Robinson, Market Analyst
You can follow Paul on Twitter at @PaulRobinsonFX
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.