US Dollar Bounces Strong!
The Dollar Index is a slow creeper and could prove to be a strong mover over the
next few months as it is forming a consistent pattern of higher highs and higher lows.
We saw a strong move to the upside on July 5th and price continued to move up
until July 14th which is where price started to pull back.
Price moved down to a cluster of support consisting of the 50 simple moving average
and the support level from the May 13th high at $105.06.
Price has now bounced off this level of support and forming a nice impulsive move
to the upside right now. If price can maintain this momentum, we should see a move
above the previous high at $109.14 from the high of July 14th.
If that breakout does transpire, then we are likely to see a long-term trend unfold in
the Dollar and other currency pairs,
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See below for more information on our trading techniques.
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next few months as it is forming a consistent pattern of higher highs and higher lows.
We saw a strong move to the upside on July 5th and price continued to move up
until July 14th which is where price started to pull back.
Price moved down to a cluster of support consisting of the 50 simple moving average
and the support level from the May 13th high at $105.06.
Price has now bounced off this level of support and forming a nice impulsive move
to the upside right now. If price can maintain this momentum, we should see a move
above the previous high at $109.14 from the high of July 14th.
If that breakout does transpire, then we are likely to see a long-term trend unfold in
the Dollar and other currency pairs,
If you like enjoyed this post, make sure to like, and follow for more quality content!
If you have any questions or comments, comment below. We reply to every comment!
See below for more information on our trading techniques.
As always, keep it simple, keep it Sublime.
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