Dollar Index plunges to complete 23.6% retracement – Shooting stars played well!

The dollar index has completed the $96.25 (23.6% Fibo) and it's ready to fly for $95.85. All this began with a candlestick pattern...

Dollar heading for 38.2% retracement

What’s up, fellas.

The dollar index traded nicely in line with our forecast Shooting Star in the Dollar Index – Good Time to Catch Retracement. The idea was to stay bearish below  $96.75 as the dollar index was expected to take a bearish turn to complete retracement at $96.25 (23.6%) and $95.85 (38.2%).

Dollar Index - Daily Chart

Dollar Index – Daily Chart (Aug – 16)

 

Until now, the dollar index has completed the $96.25 (23.6% Fibo) and it’s ready to fly for $95.85. All this began with a candlestick pattern shooting star, which indicates a potential for a bearish reversal.

Dollar Index - Daily Chart

Dollar Index – Daily Chart (Aug – 20)

So, this week we can expect a slight buying in the dollar but right after that, the dollar index is very likely to go south for $95.85. Good luck!

 

 

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.

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