Dollar Hits Support. Now Bounce. Everything Else? Pulls Back.
Traders,
I said it all in the title. Yes, the dollar has now conclusively formed a very ominous Head and Shoulders pattern. The dollar will die once (not if) it breaks that neckline. But do I think that is going to happen immediately. I think you all know the answer. News has hinted at a Fed rate hike pause this week. Next week another news story will come out. I think caution is warranted here. Personally, I'm going to sit the sideline this weekend and play it safe. There will always be more opportunity in the future. Always.
Best,
Stew
I said it all in the title. Yes, the dollar has now conclusively formed a very ominous Head and Shoulders pattern. The dollar will die once (not if) it breaks that neckline. But do I think that is going to happen immediately. I think you all know the answer. News has hinted at a Fed rate hike pause this week. Next week another news story will come out. I think caution is warranted here. Personally, I'm going to sit the sideline this weekend and play it safe. There will always be more opportunity in the future. Always.
Best,
Stew
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Prophesying the price action of markets one chart at a time.
Crypto predictions, targets, how-tos, and much, much more!
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stewdam.us
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