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newcapitalfx

Daily USDOLLAR

Dow Jones FXCM Dollar Index (FX:USDOLLAR)  
newcapitalfx Updated   
FX:USDOLLAR   Dow Jones FXCM Dollar Index
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Third rejection of 12300, may push the market down to 12200ish, IF we do close strongly below 12300, I stay with my bearish bias for next week.

Key Levels:

Bull trendline since June 2016.
- 12600
- 12450
- 12300
- 12200
Comment:
The market did not close below, 12300 this shows me that the USDollar is turning to the upside for now. This week I will consider a long bias for the dollar, be carefull trading this bias for the long run, because it might be forming a Head and Shoulders pattern.

2016-11-30 Left Shoulder
2016-12-28 Head
............. Right Shoulder

Conclussion: Bullish till around 12450, Watching the market closely from 12450 area for more confirmation.
Comment:
What caught my eye recently, is a possible head and shoulders pattern. Currently creating a possible right shoulder. This bearish pattern combined with the long run of the USD since president Trump can create a big event. IF we do get the bearish move after the completion of the right shoulder.. I am expecting a move down towards the bull trendline from June 2016.

From this strong trendline the market has to show us a continuation pattern to the upside or a possible big change in trend of the USDOLLAR.

Conclussion: Currently neutral with a possible pending right shoulder and considering the move up to test the 12450 area. IF we get a strong move down, I am watching closely what the market will show us around the bull trendline.

Save trading.
Comment:
Quick Update.

- USDollar was forming a small Head & Shoulders Pattern near 12450 resistance.
- The big Sell-Off at the 15 of March was caused by the FED Press Conference.
- The Bulls are taking profit because of the uncertainty of the Dollar.

What caught my eye was that the USDollar chart is coming close to the rising trendline that is holding this bull run together. I won't trade this market till I get more information, what I really want to see is either a clear rejection of this trendline or a break and clear retest of the trendline and an break of 12300 & 12200.

Have a nice weekend.

&

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