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US Dollar Index Consolidation after the Gap is Bearish Behavior

US Dollar Index Consolidation after the Gap is Bearish Behavior

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

US Dollar Index Consolidation after the Gap is Bearish Behavior

Chart Prepared by Jamie Saettele, CMT

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-“The barriers are the January-March line and 2016 trendline. A move on either side of these lines (daily close) ideally ushers in the next directional move.” The drop below the line indicates a potentially major trend change. I noted last update that “if DXY bounces, then pay attention to the underside of the line (99.50s) for resistance.” DXY has traded in an extremely tight range since the gap lower. Tight consolidation, rather than a run higher to fill the gap, is viewed as bearish behavior and increases the risk that the gap is a breakaway.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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