The Dollar Index is now retracing in a downtrend where opportunities to sell the Dollar are set at the above 95-96 resistance. Price may continue to face more drop to the below 93-92 support level.
The downtrend seems strong with Kumo Cross with a bearish future ahead. The previous Chikou Span also crossed and stayed below the price but..still not breaking the cloud which indicates that the price is still struggling to break the demand zone. Tenkan Sen and Kijun Sen had shown an early signal that the price is going to break down and now it confirms the Dollar's down trend.
Not a busy week for the Dollar. Majority of the calendar events labeled in red forecast giving a bearish fundamental bias. C.O.T report however also shows contraction where the Large traders dropped to 58,927,00 from 76,407,00 traders. I believe the weakening Dollar will give opportunities for other currencies to gain strength despite of ranging price of Gold and the roaring Oil.
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bountytrader.blogspo...trending-dollar.html
The downtrend seems strong with Kumo Cross with a bearish future ahead. The previous Chikou Span also crossed and stayed below the price but..still not breaking the cloud which indicates that the price is still struggling to break the demand zone. Tenkan Sen and Kijun Sen had shown an early signal that the price is going to break down and now it confirms the Dollar's down trend.
Not a busy week for the Dollar. Majority of the calendar events labeled in red forecast giving a bearish fundamental bias. C.O.T report however also shows contraction where the Large traders dropped to 58,927,00 from 76,407,00 traders. I believe the weakening Dollar will give opportunities for other currencies to gain strength despite of ranging price of Gold and the roaring Oil.
Visit my blog for more details. Cheeers!
bountytrader.blogspo...trending-dollar.html