Dollar Index trying to stop its fall
It is an important moment for the Dollar Index. The GoNoGo Trend is still a “NoGo” but there are signs this may be weakening.
We saw bullish divergence between price and the GoNoGo Oscillator with price making lower highs but the oscillator not confirming, in fact making higher lows.
Most recently, the GoNoGo Oscillator has broken above the zero line and retested it finding support. This is not expected if the “NoGo” trend is strong enough to continue.
However, there is resistance at the 93.5-94 level and price will need to climb above that in order to have a chance at flagging a “Go” trend.
We saw bullish divergence between price and the GoNoGo Oscillator with price making lower highs but the oscillator not confirming, in fact making higher lows.
Most recently, the GoNoGo Oscillator has broken above the zero line and retested it finding support. This is not expected if the “NoGo” trend is strong enough to continue.
However, there is resistance at the 93.5-94 level and price will need to climb above that in order to have a chance at flagging a “Go” trend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.