DXY looks to be forming a head and shoulders pattern... todays candle stick (so far) is a strong bearish engulfing reversal candle
Gold in AUD has popped through that resistance line that im placing as a midline of a chanel, there is more to this run before a consolidation
I was mucking about with a ratio and came up with this chart (monthly)
it is XAUUSD/DXY .. so i think what ive drawn is the basket of currencies of the DXY ratio to gold.. it has broken out of its decending resistance line
XAUUSD has broken through the midline of the pitchfork from the post GFC low... obviously at all time highs as well as activating the cup and handle pattern
IMO the backtest of that breakout is already complete so there is no need to go back to 2000 again.a future consolidation could see it come back to 2070 or 2147... for now we have the DXY tailwind looking set to drive us higher
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DXY looks to be forming a head and shoulders pattern... todays...
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