In my previous analysis, I expected more growth for US dollar index but price could not break the resistance level at 93.50 and after a sharp uptrend, price has entered a slow correction phase and the upside pressure is going to be decreased.
The Yesterday’s candle has been closed below the day before and has engulfed it.
Moreover, we can see a strong rejection on the 4H candle with a high upper shadow which tells us there would be more downside pressure.
Currently, price is bouncing in the rectangle pattern and it seems it is making a reversal H&S pattern.
We should wait for the pattern to be completed and then a breakout on the rectangle.
If price breaks the pattern to the downside, we expect a drop first around 92.68 which is a daily support level and in the case of a downside breakout on this level, the next target would be between (92.30 - 92.12)
Comentário
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Comentário
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Nothing happened yet! Still waiting for the rectangle breakout.
That dollar could not break out of that bearish level..I expected more but it did not deliver..Back to the drawing board.Humble
KlejdiCuni
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Looks good!
MMBTtrader
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it can fall more
CompositeOperator_1989
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That was a strange wick... I would count it as rejection... Maybe big account just longed DXY... Like Flash Crash of Gold a couple of weeks ago but other side...