Technical Overview of USD Dollar Index
USD Dollar Index
Here we see a very interesting scenario that
1 - USD Index is in a range, the range continues buy Pound Swissie and Euro.
All the above mentioned pairs share the same formations.
2 - A Motherbar/Insidebar found @ D1 time frame.
3 - Stalls @ the Year Resistance 1.
4 - Already achieved the 200% Extensions.
5 - Stalls @ Pivot Quarter 1 as a Support
6 - The Motherbar/Insidebar @ the Pivot support and resistances
7 - The most important reason for this range is the mixed data from USD. Like rate cuts and positive economic data.
8 - The CPI data is expected today.
Keep in mind that it’s correlated with PPI data.
Detailed Historical data Analysis shows that the Moving average of Period 2 has a downwards slope in CPI and PPI.
According to the Analysis, The Dollar Index is expected to find support at 96.433, and a fall through could take it to the next support level of 96.333. The pair is expected to find its first resistance at 96.683, and a rise through could take it to the next resistance level of 96.833.
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