In recent weeks during December and the first trading week of 2016, the dollar has been forming a flag, which looking at the beginning of the December month, looks like a bearish flag pattern.
Additionally, a potential Head & Shoulders pattern has emerged and a break of the lower trend line would signal a move towards either the 50% or 38.2% fibs, e.g. 97.5 or 95.63 respectively.
I have a pending sell order below the lower trend line with an initial target of the 50% fib level and will take split profits to see if price can reach the 38.2% fib.
Alternatively, if price continues to oscillate in the channel then it may rise back to the target of 100.5 and challenge higher highs? Question is, with a strong NFP report on the 08/01/16, where does the smart money think on placing the dollar?
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Additionally, a potential Head & Shoulders pattern has emerged and a break of the lower trend line would signal a move towards either the 50% or 38.2% fibs, e.g. 97.5 or 95.63 respectively.
I have a pending sell order below the lower trend line with an initial target of the 50% fib level and will take split profits to see if price can reach the 38.2% fib.
Alternatively, if price continues to oscillate in the channel then it may rise back to the target of 100.5 and challenge higher highs? Question is, with a strong NFP report on the 08/01/16, where does the smart money think on placing the dollar?
For exciting features regarding trading and education, please sign up to my site to find out about my new website that will be packed with useful features for traders alike: www.ejfxtrading.com
