DXY: Dollar Inverse Head & Shoulders?
It now appears that the Dollar is carving out an Inverse Head and Shoulders pattern. It is unconfirmed, however.
Taking out the recent swing low low at 93.81 would not invalidate the pattern. Conversely, taking out the swing high at 96.98 would imply a neckline break. The ascending neckline, if broken, implies a fast move up within a broad Inverted Symmetrical Triangle.
We are still in technical consolidation, so I remain neutral with a bullish expectation near-term, but support firming up at recent lows. I am already long on balance, since my biggest short position this year has been and remains the EURUSD.
Taking out the recent swing low low at 93.81 would not invalidate the pattern. Conversely, taking out the swing high at 96.98 would imply a neckline break. The ascending neckline, if broken, implies a fast move up within a broad Inverted Symmetrical Triangle.
We are still in technical consolidation, so I remain neutral with a bullish expectation near-term, but support firming up at recent lows. I am already long on balance, since my biggest short position this year has been and remains the EURUSD.
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