I am track this index because it gives an overview of the collectivr strength of the greenback against the major currencies. I am actually short this index off a previous idea I published. However now price is nearing support levels and I am trying to judge whether the journey down is nearing completion or whether it has more legs. If we get a bounce off the 9717 area it could target the 99.7 area which will smack the euro back down to the 105 area
Comments
Zentrades
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I think a close below the 50 ma means it's heading much lower
Olu
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I hear you CR. The 50sma is part of the basis of my trading system but price action is the first element if it. As we are so close to support area it is best to see the king of candles that will form around this area. But being bearish minded is not a bad position to have at the moment