US dollar Index

Keep an eye out on the USD index...Its forming a 123 low..If it breaks out then usd trades will be bullish. worth keeping an eye on this.The down trendline is near the breakout level as well.



dl.dropboxusercontent.com/u/4899609/usdindex27thmarch2014.png

Possible 123 low breakout on the US Dollar Index.
This came at strong support as well.

dl.dropboxusercontent.com/u/4899609/usdollar9thoct.png

US Dollar Index is at the highest since 2011...so new high....so dollar strength...


dl.dropboxusercontent.com/u/4899609/usdollar9thjuly.png

If you look at the charts below you can see that this kissed the neckline perfectly today. Its still close to it so still in danger of a meltdown. If this level goes then the dollar will be sold off big time and head towards the main trend line. The ultimate target will be the low of may 2011. Thats the target if the head and shoulders breaksout

far away


close up

dl.dropbox.com/u/4899609/usdollarcloseup1stfeb.png

remo wrote: I was wrong....your chart is US DOLLAR Index. It was the fact that it was the weekly chart that threw me.And the time frame from nov 2011. It looked just like the daily version i have.
Theres an head and shoulder with in a head and shoulders. You dont see that often

The thing is Remo, the USD is bouncing back strongly today (following some good data, arguably leading vs lagging) - against GBP, AUD, and JPY.

Maybe a long is on the cards? Let's see if there's a sufficient bounce to create a bullish pattern!

p.s. My technical knowledge isn't all that, so I'm keen to understand if there's any significance to having a head 'n' shoulders combo inside a head 'n' shoulders combo. It looks uber-symmetrical, but beyond that I'm clueless as to where its heading - Central Banks have a lot to answer for

I was wrong....your chart is US DOLLAR Index. It was the fact that it was the weekly chart that threw me.And the time frame from nov 2011. It looked just like the daily version i have.
Theres an head and shoulder with in a head and shoulders. You dont see that often