The U.S. dollar index had a decent run since confirming it's breaking out to the upside on 4th of Feb as indicated on the price chart and has gained about 1.37%. However, the rally could be coming to an end as it approaches the top of the price wedge in the 60 minutes price chart and consolidates at 99.20 and 99.00.
There are two critical price points to watch in next week's trading session, which is the current consolidation price range at 99.20 and 99.00. A drop in prices below 99.00 could push prices down to 98.60. The index needs to hold above 99.20 to continue to its next target at around 99.45
There are two critical price points to watch in next week's trading session, which is the current consolidation price range at 99.20 and 99.00. A drop in prices below 99.00 could push prices down to 98.60. The index needs to hold above 99.20 to continue to its next target at around 99.45