Since the above chart is a “Weekly” look at the Dollar, nothing is confirmed on a Monday evening IST, yet the potential that a “Bearish Engulfing Candlestick Pattern” might have taken place last week should be respected. This pattern in the past has had a huge impact on the Dollar at each (1), keep a close eye on this one!
Could this be a continuation of the “Rejection” see my earlier post on $ index here on continuous updates https://chartideas.wordpress.com//?s=dollar+index
As time grows I suspect many will see this pattern and it will be discussed across the technical community. For this pattern read to be confirmed/correct, the Dollar needs to be lower 5 to 10 business days from now (due to this is a weekly pattern)!
Confirmed pattern at this time? No!!! Potential bearish pattern? YES!
If this pattern is confirmed then you can see huge rallies in Equities and commodities around the world.
Last week informed to you that Euro/$ is making falling bullish wedge when euro was at 1.26 to $ yesterday it crosses 1.30 the 1st Resistance Zone since many weeks…….wait for further confirmation.