I'm watching the
DXY
as it could be forming an inverse head and shoulders pattern. This is a bullish pattern. The right shoulder could find it's low around the 90 handle as it has acted as strong support. Confirmation would be if price can trade above 91. DXY is currently trading near the lows of it's monthly sideways channel, giving this pattern good location for follow through. A measured move suggests 92.50 as the objective target for this pattern. If USD strengthens, look to pair it with a weaker currency for strong trends.
DXY
as it could be forming an inverse head and shoulders pattern. This is a bullish pattern. The right shoulder could find it's low around the 90 handle as it has acted as strong support. Confirmation would be if price can trade above 91. DXY is currently trading near the lows of it's monthly sideways channel, giving this pattern good location for follow through. A measured move suggests 92.50 as the objective target for this pattern. If USD strengthens, look to pair it with a weaker currency for strong trends.
Comment:
Inverse H&S pattern confirmed and started a new uptrend. Watching USD against weak currencies for buying opportunities.
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