DXY

23 May 2015

Last week was all about support. Strong weekly close and bullish engulfing with daily close above previous high formed very bullish reversal pattern – inverted H&S which is targeting previous supply at 98.40. It is yet questionable is this a pull back and resuming big TF reversal down to 93.00 again but the fact is that USD is short term bullish. I would expect some sideways move to confirm the breakout trend line and move up towards short term target at 61.8 Fib – 98.40. Close below 94.80 invalidates this setup.