Dollar Index - Correction on the horizon

28.06.2018 / 14:30

Varchev Finance - Dollar Index expectations

Rating:

Dollar Index (DXY) W1

Our expectations - The rise of the dollar over the last few weeks seems to be resisting. Viewed on a weekly chart, Dollar Index showing US dollar value reached key levels of resistance that currently have a negative impact on the currency and can not be overcome. There is a horizontal resistance, dynamic resistance - 200SMA, as well as a 50% Fibonacci correction of the downward movement, launched in early January 2017. 50 and 200SMA are sword-mounted, and DeMarker points down from over-purchases. Sequential puts an arrow on top - the end of the upward pulse.

Later today, we expect US GDP data, with the expectation that we will not observe a change in values. However, if we see lower than expected data, it is likely that the dollar will see a decline. This will confirm the levels, and the probability of seeing a deeper correction at DXY will rise significantly.

Trader Petar Milanov

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Dollar Index - Correction on the horizon

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