The June 10 recovery off daily support at 95.84, as you can see, established a reasonably compact bear flag between 95.72/97.45. Last week kicked off slipping below the aforesaid flag’s lower boundary, introducing a sell signal and projecting moves as far south as 92.72 (take-profit target measured by calculating the preceding move and adding the value to the breakout point – purple).
In addition to the above, as featured in recent weekly reports, late May witnessed a push through the lower limit of a large bearish pennant configuration (98.27). Traders familiar with this pattern, therefore, may still acknowledge the possibility of moves forming as low as 93.97: the pennant take-profit target, measured by calculating the distance of the preceding move and adding the value to the breakout point (yellow).
Also referred to as half-mast formations, flags and pennants are considered continuation patterns, estimating the US dollar index, or DXY, may extend downside over the coming weeks.
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