The US Dollar Index had a pretty wild week as we went back and forth between the 81 and 79.50 levels. The resulting candle is a long-legged doji, and this
The US Dollar Index had a pretty wild week as we went back and forth between the 81 and 79.50 levels. The resulting candle is a long-legged doji, and this suggests that there is quite a bit of uncertainty in the marketplace, as if you didn’t know.
Looking forward, we will have to see a breakout above the 81.50 level in order to be comfortable taking a longer-term positive position with the US dollar. As for selling, we can see that the 79 level is without a doubt going to be massive support, and needs to be broken below in order to start selling. In the meantime, expect a lot of noise and short-term trading opportunities at best.
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.
