FullTimeTrader
Short

U.S.index-panorama is getting clearer

INDEX:DXY   U.S. Dollar Index
672 3 17
After some days of choppy price action it seems the picture is clear for the USD.
After a long term rally the price is consolidating forming a corrective pattern that appears to be a big triangle.
Last ABC zigzag is completed. Fundamentally, after last bad NFP news i expect the USD to weaken next days.

Technical analysis .

- bouncing on trendline resistane
- bearish divergence on macd
- AB=CD pattern (purple line)
- 1.61 fib projection or first swing
- last D1 candle is a pinbar showing rejection

I expect the price to meet the 200 ema near the 95.000 level and lower trendline support. If price gets to that level i will be looking to buy.

First target: last lows
Second target: 200 ema and trendline support (near 95.000).

Regards
Daily shootingstar hmm...
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really like your analysis
+1 Reply
It does have that long-drawn out triangle feeling. It took a lot of bars to reach the "c" wave at your 1.618 level.
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