themarketzone

Bullish reversal in Dollar index - Upside is still limited

TVC:DXY   U.S. Dollar Currency Index
The Dollar Index             has made a strong bullish reversal yesterday and created an Outside Bar pattern that can turn to a reversal pattern if the price will continue higher and close above yesterday's high..
Despite the strong bullish candle, the Dollar's bulls should still remain cautious as the potential upside is still limited.
94$, which was a strong support zone , is now the resistance zone that $DXY             will have to face if it will attempt to rally higher.

Tomer, The MarketZone.net
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Comment: Dollar index reached resistance - Will be tested next week
Comment: Daily Doji forming. Inside the resistance zone
Things are lining up towards NFP
Reply
Agreed, mostly due to the Yen component (and the Euro to a certain extent).
EM currencies seem toast though.
+1 Reply
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