Kumowizard

USD Indx - Range trading in a widenning top pattern

INDEX:DXY   US DOLLAR CURRENCY INDEX
101 0 0
Daily: USD is still in the 5th bullish wave. We don't know where and when it will exactly end.
Ichimoku setup is still bullish , but momentum has been dropping again. DMI lines converging with a decreasing ADX and MACD is bearish with a negative divergence since 3rd Price wave peak.
All in all for me USD doesn't look bearish until trades above 87,50, but certanly the bull is less convincing now as well.
The main question technically if this pattern can finally end as a "widenning top" and/or a "bearish wedge" formation, or we see another quick shoot up to the 90s area.

4 Hrs: On this lower time frame the range is even more clear. Actually Price should break above 88,50-88,60 to convince me Bulls can still stay in control. Otherwise ADX will stay below 20 and this spike will fade again.
As time is passing, the bullish trendline is catching up, so the importance of 87,50 support is increasing.
If you think the range stays, then 88,35-88,50 is your sell zone (confirmation will be on Slow Stoch momentum sell signal). In this case trade size should not be more than 0,5 trade unit, as the major trend is still bullish , and you can never know if the range holds again or not.
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