Trading Plan for US Dollar Index for March 08, 2018
March 8, 2018 8:21 am
Technical outlook:
The US Dollar Index 4H chart setups has been presented here in continuation to what we discussed last week. It is now becoming quite evident now that the index might have formed a meaningful bottom already around 88.25 levels around mid February 2018. There is enough proof to suggest the same; the subsequent rally has pushed above the first resistance at 90.50/60 levels and also breaking above the trendline resistance.Moreover, the entire pattern unfolding now, can be viewed as an inverted Head and Shoulder in the making. If the above pattern holds to be true, then prices should ideally remain above 88.25/30 levels moving ahead. At this point, the US Dollar Index is seen to be finding support around fibonacci 0.50 support of the entire rally between 88.25 and 90.90 levels respectively.
Trading plan:
Please remain long and also look to add further on dips. Risk remain below 88.25 levels.
Fundamental outlook:
Watch out for ECB rate decision today at 0745 AM EST.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Technical outlook:
The US Dollar Index 4H chart setups has been presented here in continuation to what we discussed last week. It is now becoming quite evident now that the index might have formed a meaningful bottom already around 88.25 levels around mid February 2018. There is enough proof to suggest the same; the subsequent rally has pushed above the first resistance at 90.50/60 levels and also breaking above the trendline resistance.Moreover, the entire pattern unfolding now, can be viewed as an inverted Head and Shoulder in the making. If the above pattern holds to be true, then prices should ideally remain above 88.25/30 levels moving ahead. At this point, the US Dollar Index is seen to be finding support around fibonacci 0.50 support of the entire rally between 88.25 and 90.90 levels respectively.
Trading plan:
Please remain long and also look to add further on dips. Risk remain below 88.25 levels.
Fundamental outlook:
Watch out for ECB rate decision today at 0745 AM EST.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
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