US Dollar Update
After several weeks of rallying, the US Dollar Index is showing signs of potential profit-taking. 📉 Here's why:
• Reached the 200-day moving average 📊
• Hit the 61.8% retracement from the June-September drop 🔄
• Daily RSI is overbought at 83 📈
On the weekly chart, the market is also hitting key resistance levels:
• 55-week moving average 📅
• Peaks from 2017 and 2020 📊
Formidable resistance is in play, so we may see some profit-taking soon. If you're in, consider raising your stops! 🚀
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The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
• Reached the 200-day moving average 📊
• Hit the 61.8% retracement from the June-September drop 🔄
• Daily RSI is overbought at 83 📈
On the weekly chart, the market is also hitting key resistance levels:
• 55-week moving average 📅
• Peaks from 2017 and 2020 📊
Formidable resistance is in play, so we may see some profit-taking soon. If you're in, consider raising your stops! 🚀
Disclaimer:
The information posted on Trading View is for informative purposes and is not intended to constitute advice in any form, including but not limited to investment, accounting, tax, legal or regulatory advice. The information therefore has no regard to the specific investment objectives, financial situation or particular needs of any specific recipient. Opinions expressed are our current opinions as of the date appearing on Trading View only. All illustrations, forecasts or hypothetical data are for illustrative purposes only. The Society of Technical Analysts Ltd does not make representation that the information provided is appropriate for use in all jurisdictions or by all Investors or other potential Investors. Parties are therefore responsible for compliance with applicable local laws and regulations. The Society of Technical Analysts will not be held liable for any loss or damage resulting directly or indirectly from the use of any information on this site.
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