Momentum has changed to lightly bearish. Last week seems to show decision – several bearish patterns. Price got sold at 4H TF double top giving new lower low and clearly printing ABCD correction. One more important emerged – H&S with clear neck line. I expect break downside with targets in the first demand zone at 95.30 with potential H&S target at ~ 93.20.
Comments
Olu
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Thanks for this idea. I have just put up my idea about the $ index and one part of it agrees with yours. The key is will the 96.17 area hold?
Nightwish
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You`re welcome. The key is is the neck line going to hold or not. That is support that has to be taken out. it might hold 5 minutes or 5 days, but when it breaks - you`ll get the market moving against USD.