US dollar Index ( weekly )
Within ABCD Triangle pattern. (from 1980 ). CD = 50% retracement of BC ( 121.68 ). High of 2001.
Still within a diamond shaped cross channel area(A,B). Supported by 2011 uptrend_line(and channel A),
and recent multiple rejections key horizontal support(1992) at 78.60 level. (and 78.78 38.2% retracement)
Losing this support, may fall to median line of channel B, and uptrend_line connecting the lows of 2008 and 2011, whereas the lows of 2011 is found at 72.63.
Price is exactly sitting on the 200 sma(Weekly) and 200 sma Daily, boxed in a 2 year rectangle between 84.74 and 78.60, with no signs of breaking out, as of yet.
Cyclicality may point to a forming low.
Within ABCD Triangle pattern. (from 1980 ). CD = 50% retracement of BC ( 121.68 ). High of 2001.
Still within a diamond shaped cross channel area(A,B). Supported by 2011 uptrend_line(and channel A),
and recent multiple rejections key horizontal support(1992) at 78.60 level. (and 78.78 38.2% retracement)
Losing this support, may fall to median line of channel B, and uptrend_line connecting the lows of 2008 and 2011, whereas the lows of 2011 is found at 72.63.
Price is exactly sitting on the 200 sma(Weekly) and 200 sma Daily, boxed in a 2 year rectangle between 84.74 and 78.60, with no signs of breaking out, as of yet.
Cyclicality may point to a forming low.