DOLLAR INDEXThe Dollar index witnessed over throw or fake breakout from ascending parallel channel due to excess optimism but it is now back into the channel. Pattern wise, it seems to be forming distribution triangle. MACD is also going negative in daily time frame along with turning towards negative in weekly time frame. Once it breaks down lower side of Triangle then it could show more bearish-ness, One can go short on break down of support line of triangle with stop loss of upper line of triangle pattern.
Break below this triangle can be trigger point for short.
Fake Breakout of parallel channel or Over-Throw.
macd in weekly converging towards negative crossover
macd in daily already running in negative crossover and downtick along with increasing histogram
rsi in daily down tick and below 50 range
stochastic in daily also down tick and negative
Disclaimer.
I am not sebi registered analyst.
My studies are for educational purpose only.
Please Consult your financial advisor before trading or investing.
I am not responsible for any kinds of your profits and your losses.
