Dollar Index is at a crucial point. We can see a nice bullish wedge. This mostly is a reversal sign for a strong wave up. However the Stoch indicator still shows enough selling pressure is left to push the price further down. ADX is a bit doubtfull about this, could hint at a reversal up.
So keep a close eyes on the dollar index. If the upper range breaks we will see a strong wave back up to 98. But if it breaks it will be a flush down to 92.
So keep a close eyes on the dollar index. If the upper range breaks we will see a strong wave back up to 98. But if it breaks it will be a flush down to 92.
Comment:
Seems like its closing now right on the line of the ranges. I am not calling it a break out yet! Tomorow we still have a change on a reversal.
Comment:
Green bar today like predicted.
Like the previous red candle its sitting right on the lower range. You could now redraw that range a bit lower so it sitting right on it.
But more interesting, if you look at the bullish wedge it seems like it starts to break the upper range. This is a very very Bullish Sign for next week. Would need another green candle on mondays close for a clear confirmation. But so far the dollar looks bullish for next week.
Like the previous red candle its sitting right on the lower range. You could now redraw that range a bit lower so it sitting right on it.
But more interesting, if you look at the bullish wedge it seems like it starts to break the upper range. This is a very very Bullish Sign for next week. Would need another green candle on mondays close for a clear confirmation. But so far the dollar looks bullish for next week.