Bearish price action is forming in the US Dollar on the higher time frame charts. On the weekly charts an evening star pattern has formed on a bearish pin bar is currently forming on the monthly. Price action next week will tell us a lot about where the dollar may be heading, but if the dollar closes the month even weaker then it is right now it could mean continued bearishness in the dollar over the next year or two. This is certainly worth keeping an eye on.
Comment:
It looks to be playing out as I thought it would. Price is now only 25 cents from taking out its monthly lows and forming a very bearish monthly pinbar.