nick.trader4

US Dollar Index (Spot)- DXY (USDollar Index Futures)

TVC:DXY   U.S. Dollar Currency Index
Previously USD had been pushing down in a strong trend. More recently it has bounced off a strong daily support twice creating a double bottom pattern. Since then we have seen a few higher highs created but still remain in the consolidation range. I expect price to stay within this range until fundamentals like NFP drops this Friday and the USD can find a direction. Its possible that we can continue to see higher highs if we get favourable data, if the data disappoints our series of higher highs and the TL could be broken and return to the downtrend after this accumulation of contracts.
Comment: Broke TL and series of higher lows.. looking to retest the major support.
Comment: Retested major resistance.. currently holding but no strong rejection as of yet
Comment: Broke resistance with strong momentum from a dissapointing NFP report. Overall USD bear trend continues.
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