After
having broken above the 90.00 level, the Dollar index has found a good support
level at that zone. Actually, on the daily chart we can see that the index has
formed what it appears to be a breakout-pullback pattern on that zone. The
Dollar index may probably bounce to the upside from the 90.00 level and maybe
try to visit the 91.00 level where we can also find the 55 day EMA (purple
line). The 91.00 level could act as resistance, but if the index manages to
break that level to the upside, we could possibly see a bullish trend reversal.
The 92.00 and the 93.00 levels could also act as resistances, but a most
relevant resistance could be the 200 day EMA (blue line). To the downside, the
index could possibly consolidate around the 89.35 level, but it could find a
good support around the low of the 88.24 level.
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A pullback before another upward move.
ReplyDeleteIt's bearish once again.
ReplyDeleteLet's see whether it will reach 88.24 once more.
ReplyDeleteImportant levels to be watchful.
ReplyDeleteThis comment has been removed by the author.
ReplyDeleteExcellent Analysis! Thanks.
ReplyDeleteGreat post! Thank you!
ReplyDeleteVery helpful and insightful analysis, excellent.
ReplyDeleteInteresting to see how this develops.
ReplyDeleteSpot on analysis.
ReplyDelete