Could DXY be telling us tales from this weekly timeframe?

7 thg 3, 2024

I have two beautifully spotted trendlines indicating the uptrend and the downtrend, ultimately giving us a symmetrical triangle pattern. You can see how price initially tried to break out of the uptrend at that 3rd touch, but it turned out to be a fakeout. Fakeout or not, I personally feel that trendline has been tampered with, so my higher probabilities will be to think bearish. Regardless, it is still a symmetrical triangle, and the rule for that pattern is to trade the breakout. So I'm looking to see where price ultimately breaks out from. From the look of things, it has tampered with the Daily Demand zone as well, looking to completely break that too, which might be a big deal. My bias will be dependent on the final breakout on either sides of the symmetrical triangle pattern.