The US Dollar Index initially tried to rally during the course of the session on Wednesday, but found enough resistance just below the 97 handle to turn
The US Dollar Index initially tried to rally during the course of the session on Wednesday, but found enough resistance just below the 97 handle to turn things back around. That being the case, the market ended up forming a shooting star, which of course is a very negative sign. Ultimately, the market looks as if it is going to continue to go lower, so we believe that a break down below the low from Tuesday will be an excellent sign to start selling again. We have no interest whatsoever in buying this market at this point as it appears that there is quite a bit of bearish pressure on it.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
