Dollar Index Violates the Bullish Trendline – Sellers Looming

On Wednesday, the dollar advanced against most currencies, as optimism over a U.S.-Mexico trade agreement gave way to concern that a...

Written by: Arslan Butt • Thursday, August 30, 2018 • 1 min read

• Last updated: Thursday, August 30, 2018

On Wednesday, the dollar advanced against most currencies, as optimism over a US-Mexico trade agreement gave way to concern that a dispute over trade between Washington and Beijing isn’t about to end soon.

Dollar Index - Daily Chart

Dollar Index – Daily Chart

However, the technical side still remains strongly bearish. As you can see on the daily timeframe, the dollar has already violated the bullish trendline support of $94.85. Technically, the index can continue selling until $94.10.

Speaking about the support and resistance, the dollar index is likely to face an immediate resistance at $94.85, while the support prevails at $94.10. Good luck for today!

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ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

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.