Nothing much changed since last weekly update.US Dollar Index is still losing the strength after breaking trend line (yellow line). Chart and indicators are showing solid bear momentum. If you are looking on larger picture it is still unclear is this bigger correction or is it start of bigger drop in US Dollar Index.
Price is currently in support zone (red zone) where is possible that we are going to see accumulation on smaller time frames. If the price goes up there are few important levels to watch, it can retest broken uptrend line (yellow line) or it can test current downtrend line (red line). Most important level to watch is resistance zone (green zone) which needs to be claimed before any confirmation of bullish bias and new uptrend. In case of stronger movement up next resistance could be around 104.27 (green line).
On the other side, if the price loses current support zone it is likely that it is going to test lowest support levels that could be around 100 (red dashed line).
This week brings us important reports which will affect the price and direction of US Dollar Index as it can bring a lot market instability and volatility. On Wednesday is Fed Interest Rate Decision, on Friday are Unemployment Rate and Nonfarm Payrolls reports for January.
This is not financial advice and I am not a financial advisor. It is important to do your own research and make your own opinion before getting into any trades or financial investments. You are responsible for all your trades and all win and lose results, so manage your risk according to your financial situation. Don't invest money which you are not ready to lose.
Price is currently in support zone (red zone) where is possible that we are going to see accumulation on smaller time frames. If the price goes up there are few important levels to watch, it can retest broken uptrend line (yellow line) or it can test current downtrend line (red line). Most important level to watch is resistance zone (green zone) which needs to be claimed before any confirmation of bullish bias and new uptrend. In case of stronger movement up next resistance could be around 104.27 (green line).
On the other side, if the price loses current support zone it is likely that it is going to test lowest support levels that could be around 100 (red dashed line).
This week brings us important reports which will affect the price and direction of US Dollar Index as it can bring a lot market instability and volatility. On Wednesday is Fed Interest Rate Decision, on Friday are Unemployment Rate and Nonfarm Payrolls reports for January.
This is not financial advice and I am not a financial advisor. It is important to do your own research and make your own opinion before getting into any trades or financial investments. You are responsible for all your trades and all win and lose results, so manage your risk according to your financial situation. Don't invest money which you are not ready to lose.
Trade active:
Like I wrote before this resistance zone (green zone) is very important level to watch before it need to be claimed before any confirmation of bullish bias and new uptrend. If price got rejected from this level then next stop is probably in the support zone (red zone).
