Following up from my previous post when the U.S Dollar returned back into a very important ascending channel (chart is shown below). Price has now bounced off the trendline and returned back to its original support level.
As shown price has now formed a valid head and shoulders pattern and the neckline forms on a crucial level of daily of support!
If you have any additional analysis feel free to share it below.
@Simon_says, thanks for sharing :) are you expecting a reversal once this occurs?
Simon_says
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@lewglasgow, @lewglasgow, That depends what FED will decide next. Noticed that DXY goes down when interest rates in US go up. In the same time XAUUSD and XAGUSD goes up.
LewisGlasgow
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@Simon_says, I have to disagree on your point as DXY went up during December when the rates were initially hiked.