Ignoring fundamentals, the dollar seems to be forming a descending triangle on the W1 chart. What does this technical pattern mean? Well in simplest form what it shows is buyers forming a base at the support around the 92.50 area...but every time bulls try to bid price higher they are met by sellers that are increasing in strength, thus forming the descending price action at the top. So all in all, this is a bearish pattern showing that every time buyers step in, they hop into the market with less and less strength vice versa for sellers which are becoming more and more bold on every attempt for a bullish breakout.
So what I'm saying is that we can potentially see an eventual capitulation of buyers with support breaking down and price heading lower. For me personally, the dollar has to break out above the descending trend line in order to resume it's bullish run and make new highs above 100.00
This is just simple tech analysis on the US Dollar, not a trading plan.
So what I'm saying is that we can potentially see an eventual capitulation of buyers with support breaking down and price heading lower. For me personally, the dollar has to break out above the descending trend line in order to resume it's bullish run and make new highs above 100.00
This is just simple tech analysis on the US Dollar, not a trading plan.
