USD US Dollar Weekly and Daily Charts Sideways Symmetrical Triangle

The dollar is moving sideways on a multi-year basis and price is at the lower boundary of the triangle currently where a bounce would be anticipated.  The 20-week MA is about to cross down thru the 50-week MA which is a bearish signal which means a lower dollar ahead, however, note the fractal from late 2011 when the 20 crossed down thru the 50. That resulted in a five-month up move for the dollar before it started a downward slide again. This 79.6-79.9 area is a confluence of the lower trend line and the long-term horizontal support which creates a logical bounce point.

The daily chart shows the blue lines of the triangle close-up. All three moving averages are lining out sideways within the triangle. The indicators are weak and bleak wanting to see lower lows in price, so after a bounce occurs, say today, the dollar may come back down to place a falling wedge pattern and set up positive divergence for a more substantive move higher. The stochastics are oversold. Projection is for the dollar to recover from a low in the 79.5-79.9 area and venture upwards toward 80.6. The dollar moves opposite the euro and opposite commodities and equities. Dollar down = euro up = commodities up = gold up = equities up.  Dollar up = euro down = commodities down = gold down = equities down. Watch the euro chart as well to gauge the movement forward. The USD dollar daily chart has pierced the lower BB (not shown above) and the XEU euro chart has pierced the upper BB which reinforces the projection of a downward moving euro going forward with an upward moving dollar. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here.  Consult your financial advisor before making any investment decision.