DXY Daily & 4h Head and Shoulders Pattern

o0oo00o
o0oo00o
edited December 2017 in Forex

I was looking over my charts and I stumbled across the DXY forming what looks to be a head and shoulders pattern.
Playing the US Dollar right now is a little tricky because the US is set to pass the new tax bill, so until then I have been out of the markets.
I have highlighted, in purple the $95 area. this area is what i would consider the US dollar to be bullish. If this head and shoulders pattern is completed, then I'm expecting the DXY to reach $89.


Let me know what you think

Post edited by JoshWinter on

Comments

  • JoshWinter
    JoshWinter
    Posts: 501
    Nice analysis and chart!
    That is a massive head and shoulders on DXY. But there may also be a reverse head and shoulders on DXY as well because EURUSD looks to have a head and shoulders forming on it as well. We shall see what news does to the price. At this point I have no clear direction on either dollar or euro. A couple more daily candles may hint at where we are headed. Keep sharing your charts and analysis. B)
    Always a Student. B)
  • JoshWinter
    JoshWinter
    Posts: 501

    So far the dollar has been weak were you long EURUSD?

    Always a Student. B)
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