MarketBreakdown | Dollar Index, USDCHF, S&P500 Index, AUDJPY
Here are the updates & outlook for multiple instruments in my watchlist.
Dollar Index (#DXY) daily time frame The Index broke and closed above a resistance line of a falling expanding wedge pattern.
It was retested on Friday.
Probabilities are high, that a bullish movement will initiate from a broken trend line soon.
#USDCHF daily time frame The pair keeps consolidating. The market is stuck within a horizontal range.
For now, the plan is to wait for a breakout of one of its boundaries.
A bearish breakout of the support of the range will trigger a strong selloff,
while a bullish breakout will be an important bullish signal.
S&P500 Index (SPY) daily time frame The market is currently testing a local daily high.
If the price violates and closes above that, it will be a strong bullish signal.
A bullish continuation will be expected then.
#AUDJPY daily time frame The pair is trading in a long-term bullish trend.
After the price set the last high, a correctional movement started.
The pair formed a falling wedge pattern.
Its resistance was broken last week.
I believe that a trend-following movement will initiate soon.
