The US dollar trade is the flight to safety in the markets.
The US Dollar Trade – W Pattern is a full reversal off of a major support.
The W pattern is a reversal pattern where the price puts in a double bottom on decreasing volume approach on the second leg down. This gave us a MME entry on the continuation with buyers in control.
There is a Fibinacci retracement scale set to check support and resistance. We do not think that this will be a straight up move and are looking for more opportunities to get in on this pattern on the buyers side.
We are also in a preventative position on this long term trade.