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Possible double top on the Dollar index?

Discussion in 'Forex Trading Systems and Strategies' started by fxstrategist, Nov 27, 2018.

  1. fxstrategist

    fxstrategist Corporal

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    The Dollar index bounces to the upside from the 96.00 level and goes back to the high at the 97.53 level, where it may find some resistance. If the index bounces to the downside from the 97.53 level, then it may form a double top formation. In order for the double top formation to be confirmed, the index must break below the 96.00 level and below the 55 day EMA. Below the 55 day EMA, its next support could be the 95.00 zone. In the other hand, if the price breaks above the 97.53 level, then it may reach the 98.00 level, which could act as resistance.

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    Glastonburyk likes this.
  2. SNG12

    SNG12 Recruit

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    I don’t see the potential 2tops but it may go further to the top breaking the nearest resistances as the trend is still strong here.
     
  3. fxstrategist

    fxstrategist Corporal

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    The Dollar index accelerates its bearish momentum after the Fed's statement and breaks below the 55 day EMA and below the 96.00 level. The index may try to pull back to the upside, towards the 55 day EMA, which could act as resistance. On the other hand, if the index continues falling, its next support could be the 95.00 level.
     
  4. Glastonburyk

    Glastonburyk Private, 1st Class

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    Huge sell coming up buddy
     
  5. fxstrategist

    fxstrategist Corporal

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    Interesting bullish flag on the Dollar Index daily chart. The 55 day EMA has been acting as a support and to the upside, the 97.00 level could act as resistance.
     
    #5 fxstrategist, Apr 17, 2019
    Last edited: Apr 17, 2019
  6. fxstrategist

    fxstrategist Corporal

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    The Dollar Index consolidates above the 200 day EMA at the 96,33 zone and forms a small pennant formation on the daily chart. The trend coming into the pattern is bullish, therfore the price may continue higher, but the 55 day EMA at the 96,68 level could act as resistance.
     
  7. jhrtuybv

    jhrtuybv Recruit

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    The sounds are interesting!
     
  8. Winnerton

    Winnerton Recruit

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    Posting so I can track thread. I think the fundamentals are such that we should see the USD tracker moving upwards. I've been seeing articles about 98 in the short term - however I'm never certain what pundits mean by short term, it seems to be arbitrary
     
: dollar, trading

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