The U.S. Dollar is now above major resistance indicating an overbought status. The Dollar has also formed a Double Top reversal pattern. Further, the Dollar is extended from the daily 10 and 20 EMA's. When a market is overbought and/or too far extended from the mean value (20 EMA) that market normally returns to mean value.
Note: The red moving average is a 60-period exponential moving average representing a 10-day exponential moving average on the daily chart. The green moving average is a 120-period exponential moving average representing a 20-day exponential moving average on the daily chart.
Expect the U.S. Dollar to revert to the mean value in the day's ahead!
Note: The red moving average is a 60-period exponential moving average representing a 10-day exponential moving average on the daily chart. The green moving average is a 120-period exponential moving average representing a 20-day exponential moving average on the daily chart.
Expect the U.S. Dollar to revert to the mean value in the day's ahead!