The
Dollar index has broken above the 94.00 level as shown on the daily chart while
the bullish momentum may continue. The greenback has been supported by the possibility
that the FED will raise its interest rates during the next meeting this
Wednesday. If the index keeps rallying, it may reach the 95.00 level where it
has already found resistance. In this case, the 200 day EMA is very close to
the 95.00 level, making that zone an important resistance. On the other hand, the
stochastics indicator is in the overbought zone, but if it drops below the 80%
zone, then the Dollar index may pull back to the 93.00 or 92.00 level. In
reality, the 91.00 level could act as a better support.
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A downward correction could be on the way.
ReplyDeleteVery helpful analysis.
ReplyDeleteIt's bearish for now, but the fundamentals later could change that.
ReplyDeleteThe rally may be over.
ReplyDeleteInteresting observation.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteThanks for the tips.
ReplyDeleteVery informative article, thanks for sharing!
ReplyDelete