justatrader

Dollar Index - Enter consolidation

INDEX:DXY   U.S. Dollar Index
267 0 6
So this is it. Pennant/Flag, call it whatever, price action enters into a nice consolidation pattern with a possible break out that could define the direction in the near term.

1) To the downside, price could drop to a minimum 89.86 - 89.51 levels (previous resistance levels), now turning to support. Next support below comes in at 88.36.

2) To the upside, 98.05, again a past broken support level .

At this point, a break out to any direction looks very valid. A bearish close on the weekly will confirm the hanging man and could see declines.

Good luck!!
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