ForexFloorTrader

DXY (US Dollar) Daily Chart - Reversal ?

TVC:DXY   U.S. Dollar Index
The 'US Dollar' is currently up against a confluence of Yearly, Monthly, and Weekly resistance and has formed a 'Hanging Man' candle pattern. A 'Hanging Man' candle pattern is a 'reversal' pattern. The current combination of resistance from different time frames and a 'hanging man' candle indicates the 'US Dollar' may be ready to reverse directions and to start trending lower. There is still one thing missing to complete this analysis; the 'hanging man' needs to be confirmed. The 'hanging man' candle pattern will be confirmed when the next candle closes below the low of the 'Hanging Man', this could occur at the close of next Monday's trading session.
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