A pivotal week for the dollar index on the daily chart which finally broke through resistance in the 81.50 area to currently trade at 82.42 at the time of writing.
Yesterday’s trading session for the dollar ended with a wide spread up candle which held above this key level and with the breakout from the recent sideways price action which has extended since Q4 of 2012, the dollar now looks set to build on this platform of support and extend this bullish run further.
Immediately ahead there is interim price congestion between 82 and 82.90 which may result in a temporary halt to this bullish move higher. However, any breach here may see the index continue to rise to the next logical area of 84.24 of July 2012.
By Anna Coulling
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