Looks like the $USD has a bullish engulfing candle with an uptrending channel forming.
Maybe even a back kiss of that downtrend line.
From Stockcharts:
"The bullish engulfing pattern consists of two candlesticks, the first black and the second white. The size of the black candlestick is not that important, but it should not be a doji which would be relatively easy to engulf. The second should be a long white candlestick – the bigger it is, the more bullish. The white body must totally engulf the body of the first black candlestick. Ideally, though not necessarily, the white body would engulf the shadows as well. Although shadows are permitted, they are usually small or nonexistent on both candlesticks.
After a decline, the second white candlestick begins to form when selling pressure causes the security to open below the previous close. Buyers step in after the open and push prices above the previous open for a strong finish and potential short-term reversal. Generally, the larger the white candlestick and the greater the engulfing, the more bullish the reversal. Further strength is required to provide bullish confirmation of this reversal pattern."
http://stockcharts.com/c-sc/sc?s=$USD&p=D&yr=1&mn=0&dy=0&i=p25955512089&a=32101703&r=9537.png
Edited by Rogerdodger, 17 May 2007 - 12:03 AM.
