justatrader

Dollar Index - Which way now from 98.5?

INDEX:DXY   U.S. Dollar Index
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Following up to previous analysis, the Dollar Index             moved up after the rejection near the median line. Price has retraced to 98.5, but now comes the question of whether this resistance will break.

Failure to break above 98.5 could see a brief dip to 98 before breaking higher. Alternately, if price closes above 98.5, then a test of support is need to validate a sustained move higher.

I've been following the DXY             moves for the past few weeks as I believe that a seasonal weakness in the US Dollar             is in store. So far, a 2nd test to 100 has failed, that's our first clue. For now, 98.5 is the level to keep an eye on.
Professional market analyst with a keen interest on futures. Love keeping an eye on the markets. Currencies, bonds, commodities. Combining technical analysis and the fundamentals. Contact me for more details.
Break and retest... go go GO!
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