Technical analysis on the Dollar index for October 6th, 2023.
October 6, 2023 2:22 pm
Blue lines- Fibonacci retracement levels
The Dollar index is trading around 106.83 after making a high earlier this week around 107.32. The Dollar index has been rising for 12 straight weeks non stop. Price has retraced 50% of the decline from last years highs. Technically weekly trend remains bullish as price continues making higher highs and higher lows. The Dollar index has reached very important Fibonacci resistance levels. In the near term we have several signs pointing to increased chances of a reversal. A pull back is imminent. There is no reversal signal yet in the near term, but Dollar bulls need to be cautious and protect their gains.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
The Dollar index is trading around 106.83 after making a high earlier this week around 107.32. The Dollar index has been rising for 12 straight weeks non stop. Price has retraced 50% of the decline from last years highs. Technically weekly trend remains bullish as price continues making higher highs and higher lows. The Dollar index has reached very important Fibonacci resistance levels. In the near term we have several signs pointing to increased chances of a reversal. A pull back is imminent. There is no reversal signal yet in the near term, but Dollar bulls need to be cautious and protect their gains.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: