So Dollar Index has met with its old friend - a downtrendline - after a long time. We can expect an interim fall in the index from current levels of 92.7 to levels of around 91.
Its a contra position to market sentiments, hence extreme caution is adviced, however the gains will be sweet!
The RSI is also dropping from overbought levels to 68 levels, look poised to...
Below 92 lower targets
Stiff resistance@ 93.75-94.20
till not crossed trend to remain bearish
Retest of supports @ 91.75-91.50-91 likely
Break and close below 91 opens for further lower targets
Price trading below key moving average, trend to remain bearish
Dollar Index has been witnessing a freefall and the fall beyond critical supports around 94.30 mentioned in the last issue lead the DX lower. Currently, the U.S. currency's performance against the euro and five other currencies, hit its lowest level since May 3, 2016. The sharp weakness not witnessed since the period of January to July 1986 is driven by...
The Dollar however continues to remain under pressure as the Trump’s administration reveals the involvement of Russia in last years election campaign. The impact of such admission on the Dollar remains yet to be seen while Federal Reserve continues to maintain a hawkish stance. Central banks around the globe seem to be either removing their accommodation or...
dollar index is on the verge of breakout , strength against all currencies has been observed which suggest we can see a significant retracement in usdinr chart (weak inr ).if we correlate things and sumup we might see a correction in nifty so trade cautiously with strict sl.
Its amazing experience to look at Dollar on monthly chart( its first time i looked Monthly chart on Dollar).
All time high of 162
Resistance level 102, 120
Support level :100 ( great physiological No). but i think it will dive below that and hunt for stoploss.
next support level will be 92
as we can see the bearish divergence there and bearish engulfing pattern and doji in the overbought condition there this is giving a bearish outlook there
The U.S. Dollar Index tracks the strength of the dollar against a basket of major currencies. (DXY) originally was developed by the U.S. Federal Reserve in 1973 to provide an external bilateral trade-weighted average value of the U.S. dollar against global currencies. U.S. Dollar Index goes up when the U.S. dollar gains "strength" (value), compared to other currencies. The following six currencies are used to calculate the index:
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