The US Dollar Index (DXY) has bounced off support at the floor of its multi-year range and formed some reversal patterns which indicate the possibility it may be reversing the bearish move down from the July highs.
The US Dollar Index is flashing signs it could be changing trend and moving higher. The weekly and daily charts are showing bullish Japanese candlestick patterns after the recent touchdown on support at 100. The 4-hour chart is showing the formation of a possible new short-term uptrend. The US Dollar Index has bounced off support at the floor of its multi-year range and formed some reversal patterns which indicate the possibility it may be reversing the bearish move down from the July highs.
For confirmation, however, the pattern should be followed by another green candlestick which cannot be verified until the end of the current week. The Relative Strength Index momentum indicator exited oversold last week providing a buy signal and adding further evidence to the possibility of a bullish recovery evolving. Dollar Index Daily Chart The DXY daily chart is showing that a Three White Soldiers Japanese candlestick pattern has formed during the recovery over the last three days.
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