Hi friends, mates and Trading community so here i want to share my analysis on Dollar index on weekly time frame according to the my observations based on price action and trend analysis.
So as we can see on provided weekly time frame that chart is improving and came out from downtrend by breaking last swing top area and closed above which is the highest weekly closing in last 23 weeks and gives a symmetrical triangle breakout too so this is quite possible that we are in the beginning phase of trend reversal so now from here as long as the price sustains above the previous top, there will be a possibility of it going up further and for this idea, I am able to see some previous resistances as targets for this idea friends.
Adding a breakout retest zone too by chart snapshot-:
Rest i will update accordingly whenever is needed.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Namaste 🙏
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
So as we can see on provided weekly time frame that chart is improving and came out from downtrend by breaking last swing top area and closed above which is the highest weekly closing in last 23 weeks and gives a symmetrical triangle breakout too so this is quite possible that we are in the beginning phase of trend reversal so now from here as long as the price sustains above the previous top, there will be a possibility of it going up further and for this idea, I am able to see some previous resistances as targets for this idea friends.
Adding a breakout retest zone too by chart snapshot-:
Rest i will update accordingly whenever is needed.
This idea is meant for only educational purpose this not any kind of trading or investment advice.
Best Regards- Amit
Namaste 🙏
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
Comment:
Hi mates, updating this idea now on daily time frame so as we can see that price moving good upward after published breakout today made high of 106.437 from 106.013 and on yesterday first session of this week price breached a previous swing top resistance and close above which can give more strength to price as it is breaching previous lower highs resistances and changing the trend too so i assume we can see a confirmation of trend reversal very soon and can do target one mentioned in idea soon too. Thanks for reading and supporting my idea friends.
