You are here:Home-Forex Trading Signals-US Dollar-US Dollar Index (DXY) Daily Chart Analysis on 29th October 2016

US Dollar Index (DXY) Daily Chart Analysis on 29th October 2016

US Dollar Index on Forex Blog

US Dollar Index – The greenback has been on a bullish tear and in an uptrend since gaining momentum on the 11th of October.

The bullish momentum continue to pick up and resistance levels continued to be broken.

The price closed at 98.35 this week, probably due to profit taking.

Can we expect higher prices from here?

I wouldn’t calling for any tops just yet but I wouldn’t discount any retracement at these levels.

We have support at 97.52 and if price reaches there, I would be looking to place a buy the greenback policy on all my US dollar pairs.

We can expect more down moves on Monday when the market opens.

But the price movement to the downside would be seen as a retracement and not a trend change just yet.

Have a good weekend!

To your success!

Ardy Ismail

Pro Trader & Trading Coach


Want to know how we would trade this setup and all future setups? Join us as a Premium ForexAchievers Member! ===> Click here!


Learn to use Technical and Fundamental Analysis in our Startup Guide & start making Pips!

Join us as a Basic ForexAchievers Member and get the 6 Modules FOREX NINJA STARTUP GUIDE plus Gain Access to the PROTECTED SECTION of the GLOBAL MARKET REVIEW posts!


 

By | 2017-03-12T15:00:11+00:00 October 29th, 2016|Categories: Forex Trading Signals, US Dollar|Tags: , , , |2 Comments

About the Author:

Ardy Ismail is Professional Forex Trader and Forex Coach specializing in the Forex and Futures markets. He trades using both Technical and Fundamental Analysis and has a deep understanding of risk and money management strategies. He has been trading the Forex market since 2008 and shares his analysis of the market on this site.

2 Comments

  1. sgtmarkets Feb 3, 2017 at 2:40 pm

    Very smart analysis you have been proven complicatedly. At the present time USD market is very unstable performance from the Trump presidency.I think that USD market will going to improve in the future with a strong basement.

  2. Ardy Ismail Feb 5, 2017 at 1:36 pm

    Hi Sharif,

    Yes, at the present moment things are a little more complex as the market reacts to Trump’s policies and executive actions. I am watching the DXY closely too and wouldn’t say that the retracement back lower is done yet until there is clear evidence as such.

    Ardy Ismail

Leave A Comment

X

Forgot Password?

Join Us

Password Reset
Please enter your e-mail address. You will receive a new password via e-mail.