DXY: USD approaching 78.70/60 neckline (78.70 also 50% fib)
- Since becoming support in May 2012 the 78.70 level has been solid.
- You now have a H&S set up on the weekly with the 50% retrace as the neckline.
- If this confluence of support is broken on the weekly chart it would be very bearish for USD.
- Very possible we could bounce from this level as it will be well defended.
- You now have a H&S set up on the weekly with the 50% retrace as the neckline.
- If this confluence of support is broken on the weekly chart it would be very bearish for USD.
- Very possible we could bounce from this level as it will be well defended.