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!

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About the author

Arslan Butt is our 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.
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