EvanJones
Short

US Dollar Index - Ready for a correction?

TVC:DXY   U.S. Dollar Currency Index
18 0 0
In recent weeks during December and the first trading week of 2016, the dollar has been forming a flag, which looking at the beginning of the December month, looks like a bearish flag pattern.

Additionally, a potential Head & Shoulders pattern has emerged and a break of the lower trend line would signal a move towards either the 50% or 38.2% fibs, e.g. 97.5 or 95.63 respectively.

I have a pending sell order below the lower trend line with an initial target of the 50% fib level and will take split profits to see if price can reach the 38.2% fib.

Alternatively, if price continues to oscillate in the channel then it may rise back to the target of 100.5 and challenge higher highs? Question is, with a strong NFP report on the 08/01/16, where does the smart money think on placing the dollar?

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