US Dollar IndexLong
Double Bottom may signify a trend change for DXY.. Potentially.
Here is a double bottom pattern which has formed at a major support area on the Daily chart (Support is from the low of 28th Dec 23).
It's formation is occurring after a 5.3% decline, which began on the 26th June 24.
The neckline has been broken, and retested, with price showing strength in that area through evidence of buying pressure (engulfing candle on the daily), and three bullish candles from the hourly neckline where the pattern is forming.
This pattern is suggested to have a 78.55% success rate when correct conditions are met.
Let's see how this plays out.
It's formation is occurring after a 5.3% decline, which began on the 26th June 24.
The neckline has been broken, and retested, with price showing strength in that area through evidence of buying pressure (engulfing candle on the daily), and three bullish candles from the hourly neckline where the pattern is forming.
This pattern is suggested to have a 78.55% success rate when correct conditions are met.
Let's see how this plays out.
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