US Dollar looks to be recreating the pattern that started this pennant. See the candle pattern from the red box and overlay it currently in gold. This could be how it plays out. Everything fits. Get ready to go GOLD
Note
Although we have a break above the trend line, and positive divergence in the TSI, I feel the cycles support a drop in the USD. I see the RSI and %R both way overbought. Its time for the US Dollar to drop. I see this a technical shake out. Note
The USD cycle is getting over extended, at 40 days, thats longer than normal. The RSI and %R are both overbought. I expect a drop any day. Note
US Dollar at the 1.27% FIBO point and the upper trend channel line. 47 days into the cycle, its due to plunge here. Note
Measured move to the 1.27% Fibo was spot on. Now looking for the golden candle pattern to fill. Note
USD playing out perfectly. Oversold right now, so we may get a bounce, but will eventually fall further. Note
Dollar could be forming a Bullish Bat harmonic pattern. Can't happen soon enough
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.