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.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
