Dollar Index -25/10/2022-
• Dollar index chart is still bullish despite recent correction
• Recent correction bounced at exactly the 61,8% Fib retracement mentioned in my prior analysis
• The mentioned level also coincides with ascending trend line support
• Symmetrical triangle can be seen on the daily chart, a continuation pattern pointing towards a breakout in the same direction as the prior move, which in this case would result in a move higher
• Height of the triangle is a 470 pip move
• Breaking up from the triangle would send the dollar towards 117-118 level
• Traders better wait for the breakout, and a confirmation sign before placing any trade
• Recent correction bounced at exactly the 61,8% Fib retracement mentioned in my prior analysis
• The mentioned level also coincides with ascending trend line support
• Symmetrical triangle can be seen on the daily chart, a continuation pattern pointing towards a breakout in the same direction as the prior move, which in this case would result in a move higher
• Height of the triangle is a 470 pip move
• Breaking up from the triangle would send the dollar towards 117-118 level
• Traders better wait for the breakout, and a confirmation sign before placing any trade
Ramzi Abou Abdallah, CFTe, CMT
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