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Short

US Dollar Index - Year of the triangle

TVC:DXY   US DOLLAR CURRENCY INDEX
1899 21 37
Topping candle on Friday
I'm still not giving up the idea that we are going to break to yearly lows in the US Dollar             soon. Now it's obvious that the whole 2016 year was a big triangle for the US Dollar             . Friday we broke out of the triangle, but by the close price is back in the triangle again. It's pretty hard to predict what will happen in the intervention competition so we cannot rule out that price is going to break above the July high in the next 2-3 days. But this is not the breakout you want to buy. As we printed a topping candle on Friday and we are back in the triangle there is a small chance for a breakout above the July high. Next week or the week after next we are going to test the lower line of the triangle and will break it down. At the middle of November a possible testback of the triangle and 200 SMA is coming and by Christmas we are going to break the July low and bottoming at 91.

Notice how overbought the RSI . Timewise we are too late to hold RSI in the overbought territory and print a strong rally like last November. So RSI will turn down and will be heading to oversold.
Comment: Zoom in the RSI indicator I post a few important notes there
Comment: Don't forget the bigger picture.
It's still a 2-year-range with a MACD divergence.
snapshot
This isnt closed yet is it?
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tp? is this a pullback or a reversal?
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DXY is burning through resistance after resistance...

Someone needs to put an end to this nasty action
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I think that someone will be the FED.
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VirtualFax chartwatchers
That's what I meant and I hope at noon Miss Money will send Mr Buck where our little community here wants it to see going.
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Dollar seems it could be forming a possible double top. RSI is now in extremes that have not been seen since march 2015. Cycle decline is way over due. I believe a fall is imminent.
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I don't like this prediction i think that down near 96, after go long. First up until 97.50 and retest on 97 after long until 98.50.
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Looks like a A B C D E triangle to me which signals a move lower. The fact the E wave made a false break byt couldn't go above the C wave means a short stop above the C wave high is in order. Have a look at USDJPY chart looks identical.
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thank u for idea
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The USD event on Friday was partially disappointing for me; otherwise, it would have been all green. I still like the average earnings. Thursday and Friday of this coming week (Oct. 13 and 14) is a deal breaker; however, we have a Fed signaling that rates will e raised. So, there is still some hope for the dollar.
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