US DOLLAR INDEX: Buy setup on reversal channel
Here we have dollar index chart and we are having a reversal channel formation to upside.
Look for breakout and if price does not breakout this time then look for the bottom to buy.
When dollar index moves, it means that dollar pairs will move with it as well (correlation). So you should look for sell on pairs such as NZDUSD, AUDUSD, EURUSD....
Look for breakout and if price does not breakout this time then look for the bottom to buy.
When dollar index moves, it means that dollar pairs will move with it as well (correlation). So you should look for sell on pairs such as NZDUSD, AUDUSD, EURUSD....
Comment:
Price did exactly as I was anticipating. Now we have a nice impulse to upside so next is to look for a flag for continuation to upside and breakout of that reversal channel.
Comment:
Very nice move so far, Price is breaking that reversal channel, watch for correction to enter if you are not in from the bottom.
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Here is the update.
Comment:
As we were anticipating, price came down one more time. Watch the bottom for impulse generation.