Are we finally seeing the fall of King Dollar?
We saw Cable plummet to 1.2000, which is a big monthly support area as seen on the monthly chart. Each time price has come into this area, buyers have stepped in aggressively. Price fell in a falling wedge as seen more clearly on the H4 timeframe. Falling wedges are usually reversal patterns after a sustained move to the downside in this case.
Price did not take off from 1.2000 straight away but instead formed a potential inverse H&S around this area, after the market put in a higher low (potential left shoulder) as seen on the H4 chart. This is extra confirmation that we could have bottomed on cable. Price is also sitting around the resistance of the wedge.
Could we finally see a break to the upside, break of the wedge and inverse H&S neckline and see dollar fall as cable makes a run towards the inverse H&S target at 1.2300
KG
Price did not take off from 1.2000 straight away but instead formed a potential inverse H&S around this area, after the market put in a higher low (potential left shoulder) as seen on the H4 chart. This is extra confirmation that we could have bottomed on cable. Price is also sitting around the resistance of the wedge.
Could we finally see a break to the upside, break of the wedge and inverse H&S neckline and see dollar fall as cable makes a run towards the inverse H&S target at 1.2300
KG
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