smartforexlearning
Short

Break of lower trendline, more downside momentum on DXY likely

TVC:DXY   US Dollar Currency Index
The US dollar index             is at a turning point. For close to 6 months, this index has been in a converging symmetrical triangle that was playing out on the daily chart . During that time, many tests of both the upper and the lower bounds of the triangle have happened, but there was never an actual breakout. This has now changed.

On Friday, the DXY             broke and closed below the lower trendline for the first time. It also broke the 5-month lows and it closed relatively strong to the downside. We need to see what happens next week, but my initial bet is that we might see more downside momentum. This would be in line with multiple setups I have added to my weekly watch list, where I also expect to see the dollar lose some strength. For more potential setups, have a look at my outlook for next week.

Find more analysis on http://smartforexlearning.com and give us a follow:
- on Twitter: http://twitter.com/smartfxlearning
- on Facebook: https://www.facebook.com/smartforexlearning
- on Google+: https://plus.google.com/%2BSmartforexlearning
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
日本
한국
Home Stock Screener Forex Signal Finder 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 Account and Billing Sign Out