themarketzone

Dollar violated bearish pattern - Two more coming

INDEX:DXY   U.S. Dollar Index
Last Friday, when the Dollar rallied on NFP data, it violated the pattern I mentioned in my previous weekly analysis (blue pattern)
Now, $DXY             is inside the PRZ of another bearish Gartley pattern (red) with potential of reaching towards the 61.8 Fib level (monthly) and complete a bearish Crab pattern (extension of the previous Gartley ).

The two patterns create a 2-3$ weekly resistance zone (between 99-102$) that $DXY             will have to struggle with as we approach December's FOMC meeting.

The Fed will have to think and consider the USD strength as they prepare for rate lift off, and I wouldn't be surprised if you'll here Yellen or other Fed members raising concerns over the USD in the next few weeks.

97$ Is now support and first target zone for this bearish setup

Tomer, The MarketZone
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Comment: Still below the 100$ level, inside the Gartley PRZ.
Waiting to see Dollar's reaction to Friday's terror attack.
101.5$ top resistance and Crab completion Zone
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