The USD Index is possibly the most important indicator when currency trading. I will watch this as an indicator only.
On the Monthly time frame we are in a clear up trend.
On the Weekly time frame you can clearly see that we have dropped from 103.00 to 96.30 level.
We could go lower around to the 94.80 level.
On the Daily time frame we can see more clearly how we were stuck between 98 and 101.
As we have broken out of this range we now must look for the next level of support.
The current market level could hold or we could find support at a lower level.
On the 4 Hour time frame we can see that we have consistently moved down without much support.
My view is that we could go higher on USD Index. I am just waiting for price to slow down and reverse.
It would be great to hear everyones thoughts and opinions on the USD Index.
Happy Trading :)
On the Monthly time frame we are in a clear up trend.
On the Weekly time frame you can clearly see that we have dropped from 103.00 to 96.30 level.
We could go lower around to the 94.80 level.
On the Daily time frame we can see more clearly how we were stuck between 98 and 101.
As we have broken out of this range we now must look for the next level of support.
The current market level could hold or we could find support at a lower level.
On the 4 Hour time frame we can see that we have consistently moved down without much support.
My view is that we could go higher on USD Index. I am just waiting for price to slow down and reverse.
It would be great to hear everyones thoughts and opinions on the USD Index.
Happy Trading :)