The dollar has had a tough year, but that might be changing.
I’ve spotted a well-known reversal pattern: an Inverse Head & Shoulders.
This pattern features three dips, with the middle one—the "head"—being the deepest.
Now, the price has rebounded from the Right Shoulder and is heading higher.
It’s approaching the Neckline at $98.7, which needs to be broken for a bullish confirmation.
If that happens, the projected target is around $101.6, based on the depth of the pattern.
This lines up closely with the previous high of $102 from May. The target area is highlighted in the blue box.
However, if the price falls below the Right Shoulder’s low at $97.1, the pattern would be invalidated.
Anyone else see this pattern?
Could this be the bottom for the dollar?
I’ve spotted a well-known reversal pattern: an Inverse Head & Shoulders.
This pattern features three dips, with the middle one—the "head"—being the deepest.
Now, the price has rebounded from the Right Shoulder and is heading higher.
It’s approaching the Neckline at $98.7, which needs to be broken for a bullish confirmation.
If that happens, the projected target is around $101.6, based on the depth of the pattern.
This lines up closely with the previous high of $102 from May. The target area is highlighted in the blue box.
However, if the price falls below the Right Shoulder’s low at $97.1, the pattern would be invalidated.
Anyone else see this pattern?
Could this be the bottom for the dollar?
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Pubblicazioni correlate
Declinazione di responsabilità
Le informazioni e le pubblicazioni non sono intese come, e non costituiscono, consulenza o raccomandazioni finanziarie, di investimento, di trading o di altro tipo fornite o approvate da TradingView. Per ulteriori informazioni, consultare i Termini di utilizzo.