USD/JPY seems to be forming a major double top, head and shoulders pattern. The two recent key reversals forming a smaller double top on the right indicate a possibility of a steep move to the downside

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NZD/CAD appears to have made breaking out in a fairly significant way. It appears to be forming a long term double bottom with a large key reversal at the bottom. Followed by that, we have an inverted head and shoulder formation with another key reversal indicating an upside move.

EUR/CAD similarly appears to be forming a huge multi year double bottom. In recent times, you can see another large reverse head and shoulder formation with a possibility of an imminent breakout.

We appear to be at a critical point in the Forex Market, particularly for USD pairs. USD had regained it’s strength since the 2008 downturn, but now, we appear to be at a point where we could see a continuous downward trend in USD for many years to come.

Check out the Dollar Index DXY

The Dollar Index formed a major double top on the monthly and crossed the neckline. Followed by that we had an inside month bar, pointing to the bottom with a breakdown this month. What this seems to indicate is that we’re going to see a breakdown in the dollar for a very extended period of time.

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