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US Dollar Index (DXY) Breaking Out of Bearish Price Pattern

US Dollar Index (DXY) Breaking Out of Bearish Price Pattern

Paul Robinson, Strategist

USD Technical Highlights:

  • DXY falling out of rising wedge after head-fake
  • Looking for the bottom of the pattern at the least
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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

dxy 4-hr chart

DXY Chart by TradingView

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---Written by Paul Robinson, Market Analyst

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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.