Dollar violated bearish pattern - Two more coming
Last Friday, when the Dollar rallied on NFP data, it violated the pattern I mentioned in my previous weekly analysis (blue pattern)
Now, $DXY is inside the PRZ of another bearish Gartley pattern (red) with potential of reaching towards the 61.8 Fib level (monthly) and complete a bearish Crab pattern (extension of the previous Gartley).
The two patterns create a 2-3$ weekly resistance zone (between 99-102$) that $DXY will have to struggle with as we approach December's FOMC meeting.
The Fed will have to think and consider the USD strength as they prepare for rate lift off, and I wouldn't be surprised if you'll here Yellen or other Fed members raising concerns over the USD in the next few weeks.
97$ Is now support and first target zone for this bearish setup
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week - goo.gl/TTPQ8T
To subscribe to the newsletters - goo.gl/HXjCPV
Now, $DXY is inside the PRZ of another bearish Gartley pattern (red) with potential of reaching towards the 61.8 Fib level (monthly) and complete a bearish Crab pattern (extension of the previous Gartley).
The two patterns create a 2-3$ weekly resistance zone (between 99-102$) that $DXY will have to struggle with as we approach December's FOMC meeting.
The Fed will have to think and consider the USD strength as they prepare for rate lift off, and I wouldn't be surprised if you'll here Yellen or other Fed members raising concerns over the USD in the next few weeks.
97$ Is now support and first target zone for this bearish setup
Tomer, The MarketZone
This analysis is part of the Weekly Markets Analysis newsletters
To read more interesting technical reviews for the week - goo.gl/TTPQ8T
To subscribe to the newsletters - goo.gl/HXjCPV
Waiting to see Dollar's reaction to Friday's terror attack.
101.5$ top resistance and Crab completion Zone