Connect with us

Hi, what are you looking for?

Trading Secrets

The dollar index remains on its bullish path towards 103.00

The dollar index remains on its bullish path towards 103.00

This week was positive for the dollar index.

Dollar index chart analysis

This week was positive for the dollar index. We started Monday at the 101.60 level, and this week’s high of the dollar was yesterday at the 102.84 level. The dollar begins to retreat from that level, looking for support at the 102.35 level this morning. We managed to get support at that level and start a mild bullish consolidation up to the 102.55 level.

For a bullish option, we need a break above the 102.60 level. Then, it is necessary to maintain up there in order to start with a new impulse, the continuation of the recovery of the dollar index. Potential higher targets are 102.80 and 103.00 levels.

We need a drop below this morning’s support at the 102.30 level for a bearish option. After that, the dollar would form a new low and thus confirm the bearish option. Potential lower targets are 102.20 and 102.00 levels. Additional support could be found in the EMA50 moving average at the 102.00 level.

At the beginning of today’s US session, we have important news from the US economy: the NFP and unemployment rate reports. We can expect increased volatility of the dollar index and all USD pairs in that period.

The post The dollar index remains on its bullish path towards 103.00 appeared first on FinanceBrokerage.

Enter your email address below and we’ll send you our best practices.

    You can unsubscribe at any time. Redstatefoundation respects your privacy and strives to be transparent about our data collection practices. Please read our Privacy Policy and Terms of Use.

    You May Also Like

    Trading Life

    Laura Wong Hon Chan is an interest rate options trader, who is currently a director at Bank of America Merrill Lynch in New York....

    Trading Secrets

    In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews what’s driving the markets higher and what to be on the lookout...

    Trading Secrets

    SPX Monitoring Purposes: Long SPX on 10/10/22 at 3612.39; sold 12/13/22 at 3669.91 = gain 1.59%. Monitoring Purposes GOLD: Long GDX on 10/9/20 at...

    Trading Secrets

    I don’t like it when parts of a puzzle don’t match. You just don’t get a clear picture. As participants in the markets, we...