Dollar - Weekly Forecast 18th - 22nd February
The dollar climbed and created new high every day without failed and eventually entered into the 2-month supply zone at 97.
The Gartley pattern was successfully formed as a result and on Friday, the price took a strong bearish stance, leaving a long upper shadow.
Just a week before, the dollar has gained consecutively for 8 days but this week itself, there are 3 bearish candles against just 2 bullish candles.
The selling is obviously building up and with both bearish Gartley and a strong supply zone, the dollar will finally face a bearish week this time.
Furthermore, we cannot ignore the fact that the US economic data is clearly showing an obvious slowdown in the US economy.
And perhaps, the dollar has come back to a level too strong for the US president to ignore.
The Gartley pattern was successfully formed as a result and on Friday, the price took a strong bearish stance, leaving a long upper shadow.
Just a week before, the dollar has gained consecutively for 8 days but this week itself, there are 3 bearish candles against just 2 bullish candles.
The selling is obviously building up and with both bearish Gartley and a strong supply zone, the dollar will finally face a bearish week this time.
Furthermore, we cannot ignore the fact that the US economic data is clearly showing an obvious slowdown in the US economy.
And perhaps, the dollar has come back to a level too strong for the US president to ignore.
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