DXY – Down to weekly resistance area

TVC:DXY   U.S. Dollar Currency Index
Federal Reserve Chairman Jerome Powell on Wednesday February 10 painted a bleak picture on the state of U.S. employment, saying continued aggressive policy support is needed to fix the myriad issues still facing workers. Addressing the issue will require a “patiently accommodative monetary policy that embraces the lessons of the past” regarding the benefits that low interest rates bring to the labor market, the central bank chief told the Economic Club of New York.

We believe that the low interest rate environment will continue and that the FED will continue to increase the money supply putting pressure on the dollar index to go lower.

Technically, after a corrective period that lasted from January to the beginning of February it seems like the dollar index is resuming its weekly downtrend. We are now waiting for a smaller corrective pattern and then go lower to reach the rectangular area of weekly resistance where the price reversed in January 2018.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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Thanks for your insight
+1 Reply
financialflagship Dave-FX-Hunter
Much appreciated, @Dave-FX-Hunter.
Well done and very detailed
+1 Reply
financialflagship TheSignalyst
@TheSignalyst, Thanks.
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