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USD Indx is basing/consolidating - Which way will it break?

Posted on March 24, 2009 at 9:45 in Uncategorized by Pierre Charlebois

The $/Index has for several days now formed inside candles. Meaning price action high/lows, is less each day.

This is a bit like a spring being wound up and when it gets too tight it will let go. The candles could be a forming triangle that usually gives way to a sudden thrust in the preceding direction and then a reversal.

So be cautious around these levels until direction is clear.

Cheers

One Response to “USD Indx is basing/consolidating - Which way will it break?”

on 24 Mar 2009 at 3:12 pm1stephane

great post, also usd/chf is@50% retracemnent and by looking at the previous price surge on the left of your chart,it seems like a previous level of demand so ,who knows, history might repeat itself

thanks pierre

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