The US Dollar Index fell initially during the session on Thursday, but as you can see found enough support below the 82.50 level to turn things back
The US Dollar Index fell initially during the session on Thursday, but as you can see found enough support below the 82.50 level to turn things back around and form a nice-looking hammer. This hammer simply solidifies our opinion that this market is going higher, and it certainly does not hurt at all to think that there is a gap where the hammer formed. With that, we are very bullish still, and on a break of the top of the hammer we believe that this market will start to grind its way back towards the 84 level.
US Dollar Index Forecast August 29, 2014, Technical Analysis
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
