Dollar Index Violates the Bullish Trendline – Sellers Looming - Forex News by FX Leaders
Dollar heading for 38.2% retracement

Dollar Index Violates the Bullish Trendline – Sellers Looming

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

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!

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Arslan Butt // Index & Commodity Analyst
Arslan Butt is our Lead Commodities and Indices Analyst. Arslan is a professional market analyst and day trader. He holds an MBA in Behavioral Finance and is working towards his Ph.D. Before joining FX Leaders Arslan served as a senior analyst in a major brokerage firm. Arslan is also an experienced instructor and public speaker.
Related Articles
0 0 vote
Article Rating
Notify of
Inline Feedbacks
View all comments