The dollar index has broken up from it's downtrend it seems. I've posted an earlier chart where I state my bullish view, this bigger forest view supports that view.
Weekly we are having a nice bullish divergence and all smaller timeframes show the same. It is just a matter of time before it goes up. The scenario that it goes back in the channel less likely to happen than breaking up from this consolidation.
We have three key levels in the chart, which are shown as blue lines. The lowest one is the multi-year pivot. The second one is the resistance of end/begin 2014. The third one is the potential pivot for turing back, this is also a massive resistance.
Monthly we are also seeing a lot of rejection wicks near the yearly pivot.
Weekly we are having a nice bullish divergence and all smaller timeframes show the same. It is just a matter of time before it goes up. The scenario that it goes back in the channel less likely to happen than breaking up from this consolidation.
We have three key levels in the chart, which are shown as blue lines. The lowest one is the multi-year pivot. The second one is the resistance of end/begin 2014. The third one is the potential pivot for turing back, this is also a massive resistance.
Monthly we are also seeing a lot of rejection wicks near the yearly pivot.
Comment:
It feels good to be a swinger!
