DXY, potential H&S pattern

7 août 2018

While the dollar index continues to be in an ascending triangle since June, it formed 4 touches on the trend line and 4 touches on the upside. Currently within the triangle we might be seeing the left shoulder already forming. If the full H&S pattern forms, the neckline is right on the 95 level, also a 38.2% retracement. MPO should take us back to the trend line. his might give us an early warning that USD is about to pullback, could provide a signal that EURUSD will not be testing 1.15 for now. Though overall, DXY is still in an ascending triangle. Of course if the day continues to test the resistance again, it will negate the pattern.

7 août 2018

Note

Wrote the shoulder names in the wrong places:)