USD - Double bottom
Updated
Hi folks,
The USD posted a double bottom on the Daily Currency Barometer. This DOES NOT mean a reversal for the USD pairs. Not unless key price levels are breached. Look for consolidation patterns before the next push (USD sell-off). However, if key price levels fail, the USD Bulls could have their day for a bit. The only thing we know for sure at this moment: The USD needs to consolidate before another sell-off. Remember, consolidation does not mean 'pull-back'.
Don't bet on another long term USD sell-off until the currency has had time to consolidate.
The USD posted a double bottom on the Daily Currency Barometer. This DOES NOT mean a reversal for the USD pairs. Not unless key price levels are breached. Look for consolidation patterns before the next push (USD sell-off). However, if key price levels fail, the USD Bulls could have their day for a bit. The only thing we know for sure at this moment: The USD needs to consolidate before another sell-off. Remember, consolidation does not mean 'pull-back'.
Don't bet on another long term USD sell-off until the currency has had time to consolidate.
Note
BTW - triple bottoms/tops on the Daily Currency Barometer have only happened 3 times (data goes back to 1997). Every triple bottom or top is followed by a MASSIVE trend reversal (i.e. GBPJPY).
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