Shooting Start in the Dollar Index – Good Time to Catch Retracement!
So far, the dollar index has traded precisely as per our forecast to target $97. The bullish trend initiated after the dollar index broke...
Arslan Butt•Thursday, August 16, 2018•1 min read

So far, the dollar index has traded precisely as per our forecast to target $97. The bullish trend initiated after the dollar index broke out of an ascending triangle pattern at $95.45.
For now, the index has formed a candlestick pattern shooting star right below the target level of $97. This pattern is known for a bearish reversal especially when it’s followed by a strong bullish trend.
Dollar Index – Daily Chart
We can’t say whether there’s going to be a bearish reversal or not, but it has nice chances to go for a bearish retracement. So for now, the dollar index is likely to take a slight bearish turn to complete retracement at $96.25 (23.6%) and $95.85 (38.2%). Good luck!
- Check out our free forex signals
- Follow the top economic events on FX Leaders economic calendar
- Trade better, discover more Forex Trading Strategies
- Open a FREE Trading Account
ABOUT THE AUTHOR
See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
Related Articles
Comments
0
0
votes
Article Rating
Subscribe
Login
Please login to comment
0 Comments
Oldest
Newest
Most Voted
Inline Feedbacks
View all comments
Sidebar rates
HFM
Related Posts
Doo Prime
XM
Best Forex Brokers
