Chart bites: Potential reversal for USD index and equity indices
- The USD index may be at a bearish inflection point
- The DAX in Germany and CAC in France have both broken a rising wedge
- The S&P 500 continues its decline this morning
By Edmund Liu
The US dollar index is potentially at a bearish inflection point, as it completes a Head and Shoulders reversal pattern.
USD index chart
The DAX in Germany finally broke its three-month-old rising wedge, a bearish reversal pattern.
The CAC in France similarly broke its rising wedge.
France's CAC40 chart
The S&P 500 in the US continues its decline this morning, with its next support at 2,316 and 2,296.
Coffee C Futures
Coffee C Futures are bouncing off trendline support as the MACD indicator suggests increasing upside momentum.
Coffee C Futures chart
The AUDUSD just can't get above 0.77. It's been trying since 2016.
AUDUSD daily chart
The GBPUSD attempts a breakout of its downtrend channel.
GBPUSD daily chart
The USDJPY has broken below 2017 lows as well as its descending triangle pattern.
USDJPY daily chart
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– Edited by Susan McDonald
Edmund Liu is a trader on TradingFloor.com .