US Dollar Produces Textbook Chart Pattern!
The Dollar Index was contained inside an area of consolidation from January 2017
to June 2022 before finally breaking out to the upside above $103.
Price had a clean run producing strong bullish candles through to September 2022,
moving from $103 to $114.
Exhaustion then crept into this asset, causing a decline in price, which was to be
expected based on its history of deep pullbacks against the flow of the trend.
We are currently seeing a textbook pattern where price breaks out of consolidation
and retests the consolidation area.
If this unfolds as expected, we should see a bounce from support and a resumption
of the prior bullish move.
At the time of writing, December’s candle is displaying as an indecision candle,
but as we are early in the month, the shape of the candle is likely to change.
If price moves up again, we will likely see volatility flow into a number of forex pairs
producing opportunities to open positions in this market.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
to June 2022 before finally breaking out to the upside above $103.
Price had a clean run producing strong bullish candles through to September 2022,
moving from $103 to $114.
Exhaustion then crept into this asset, causing a decline in price, which was to be
expected based on its history of deep pullbacks against the flow of the trend.
We are currently seeing a textbook pattern where price breaks out of consolidation
and retests the consolidation area.
If this unfolds as expected, we should see a bounce from support and a resumption
of the prior bullish move.
At the time of writing, December’s candle is displaying as an indecision candle,
but as we are early in the month, the shape of the candle is likely to change.
If price moves up again, we will likely see volatility flow into a number of forex pairs
producing opportunities to open positions in this market.
If you enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
Join Our Private Community
bit.ly/join-ST-community
Plus Get Our Ultimate Stock Market Blueprint.
bit.ly/join-ST-community
Plus Get Our Ultimate Stock Market Blueprint.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.