Dollar Index plunges to complete 23.6% retracement – Shooting stars played well!
Arslan Butt • 1 min read
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 (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 (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!