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!!
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out