justatrader

US Dollar Index - One last push to the upside?

INDEX:DXY   U.S. Dollar Index
304 6 7
The near double bottom sets its target to 100.89. Price broke the resistance without testing for any support at 98.66. There is further reaction to the trend line , which should ideally signal a test to 98.66.

If 98.66 does test for support, then 100.89 could be breached and perhaps the Dollar will set its eyes higher.
If price continues to rally, then 100.89 could likely be the final test before the Dollar weakness sets in.

Hopefully in the next week(s), we'll know what's in store.
Good analysis, i am also waiting for the previous high to be tested.
+1 Reply
another top if not like what you anticipate, double top
snapshot
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That would be a bullish hidden div. So upside is likely to continue. But 100 - 101 will be test.
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jangseohee justatrader
1. i suspect the hidden divergence is not fully played out yet
2. there is a little bullish divergence given by the blue arrow (which enhance the strength)
3. the 1st and 2nd peak has a corresponding higher high peak in MACD

hence i am anticipating another peak but this time round MACD make a lower high peak
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An elliott wave count here is would be the most useful.
Reply
jangseohee justatrader
i don know how
but i will do a measured projection
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