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.
Break and retest... go go GO!
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