Dollar Index under pressure as rally attempts fade

Gregor Horvat Wavetraders

The Dollar Index is coming very nicely to the downside from 98.25 that we discussed a few days back, and based on the current drop there are basically two potential scenarios, but both remain bearish after any new near term rebound. It can either be an ongoing triangle if the price remains trading above 97.30 for a few more sessions, or it could even be an ending diagonal. In both cases, after some near term rally, the market is expected to see more weakness. Resistance on a rebound could be around 98.00, near the trend line connected from the April 30 highs.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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