The US Dollar Index had an erratic day during Wednesday, falling in the end in order to test the 79.40 level. The area looks very supportive though, and
The US Dollar Index had an erratic day during Wednesday, falling in the end in order to test the 79.40 level. The area looks very supportive though, and as a result we think that selling isn’t possible at this point. The 79 level is massive support as well, and as such – we are looking for a supportive candle. On that supportive candle, we are buyers. We think this market will continue to consolidate over the longer-term, and therefore are in “buy only” mode at the moment. Selling isn’t possible until we get a daily close below 79.
US Dollar Index Forecast May 1, 2014, Technical Analysis
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.
