DXY Forecast and Trade setup for the week ending 22nd August, 2014
Weekly Chart
- MACD is pointing north and staying above the bullish line
- Although there are a shooting star candle, the body did not close in the body of the previous candle, therefore it is not a clear signal for a trend reversal as yet (Neutral)
Daily Chart
- Rising Macd also shown on the daily chart, however there is a cross which possible could signal some correction before another leg up perhaps
- Ascending Channel
- Next Key Resistance is around 82.50 where its the 61.8 and previous supply and demand zone
Hourly Chart
- We see a negative divergence in both MACD and RSI
- Support should hold at the confluence area of Weekly S3 Pivot, Monthly PIvot and fib 38.20