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  • Tuesday 22 May 2018

    US Dollar Index(DXY) Forecast

    There have been too much speculation on the Dollar index since the start of this year which has caused a rapid drop in the dollar index, in the past two months the dollar has having gains due to the interest rate hike and further news on the next rate hike.

    Short Term Technical US Dollar Setup

    The Dollar Index is currently at 93.50 zone in which the market closed with a bearish Pin Bar candle formation on the Optimal Trade Entry(OTE) fibonacci Level indicating a move lower only if the price is to break down below level 93.00. a break of level 93.00 would lead to the dollar dropping down to the 91.40 support level as shown in the Image below.

    Long Term Technicad US Dollar Setup

    Looking long term we are bullish on the Dollar Index as The market has broke above the 100 MA and probably broke the downtrend, we looking looking for price to currently drop towards the 91.40 support levels and we will go long until 99.71 which is a measured price level for the index.

    NB: level 99.71 is very close  to level 100.00 which a whole number which will definitely attract institutional traders resulting in major price moves happening.

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    Sifiso Nkwanyana

    Author & Editor

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