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US Dollar Index Head and Shoulders Formation

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I always have a look at this index when trading against the dollar. This give you the overall picture of the US Dollar against all other currency.
Short term it looks like the dollar has broken a short term trend line which has led to the test of the neckline on a head and shoulders pattern which is pretty big. It's currently bounced of that neck line as of 3rd feb.
So if your betting on the dollar to be the stronger pair then be careful as if that neckline support breaks then the head and shoulders top comes into play and which could mean the dollar falls a lot lower against most currency .
So one to watch over the coming days.

 

usdollar1stfeb

 

 

Close up view

 

Closeup1stfeb

 

If  you look closely there is another head and shoulder formation on the close up chart as well. So there's a head and shoulders

within a head and shoulders. So one to watch for the short term. This may well bounce from the neckline but you should be aware 

Of the formation .

 

 
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Been trading the markets for more than 20 years and learnt the hard way to trade.

http://www.chartsview.co.uk

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Guest Thursday, 21 November 2024