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A perfect shooting star pattern on a descending trend line for the Dollar. Reversal at play off of this so expect some weakness for the Dollar this week!
The last two weeks we have seen some bullish moves with the Dollar which broke the DXY out of a low range. However on a weekly chart, we can see it has now reached a descending trendline around the 93.00 level. Could this be a bit of a make or break move for the Dollar? With a break to the upside and push towards previous 2017 highs or a rejection and downside ...
The Dollar Index has been stuck in this wedge pattern since the beginning of 2018. After a large fall from the 95.00 area it seems to have stalled and now deciding on whether to continue pushing down, or prove this wedge pattern is the bulls getting ready to go! Between 90.50 and 80.50 seem to be keen bounce areas for price to reverse so keep an eye for a a strong ...
Will we see a break of the 89.90 level to start the rally upwards and back into known territory for the Dollar? Could 92 / 93 be on the cards...
I would like to see bounce back to 100.33, reverse and break above 101 level to profit target at 102.
Level 101 is very strong resistance level from multiple time frames.
Otherwise close below 100.33 will open the way to 99.24
Daily close below 98.85 - bearish scenario to 97.85 and next below - 96.40.
Daily close above 100.97 - bullish scenario to 101.97 and 103.82