Chart of the Day -DXY- (Nov. 7th 2018)

13th November 2018 Off By binary
Chart of the Day -DXY- (Nov. 7th 2018)

The DXY is trying to form a long term double top

The DXY (US Dollar Index) is well off its 97.xx resistance highs as we had a false breakout higher and turned lower. We are at the 61.8% retracement from the October lows to trend highs and also stalled at a confluence of trend lines. A break of the 95.74 could see a much larger move towards the 200dma. One of the reasons we believe this could happen is the break down of the RSI on the daily chart.

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Blake Morrow

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