Dollar index - double top pattern
Looking at the long-term chart of the USD index futures contracts we may spot a potential double top pattern. The first top was created in 2017 and the second in 2020. The key resistance seems to be placed at 103,68.
The key level for a mentioned potential pattern is located at 88,17. This may be the first potential target for the dollar bears. However, if it is broken we may expect another decline even to the levels from 2014 at 80.00.
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Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
The key level for a mentioned potential pattern is located at 88,17. This may be the first potential target for the dollar bears. However, if it is broken we may expect another decline even to the levels from 2014 at 80.00.
________
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
Materials, analysis and opinions contained, referenced or provided herein are intended solely for informational and educational purposes. Personal opinion of the author does not represent and should not be constructed as a statement or an investment advice made by Conotoxia Ltd. All indiscriminate reliance on illustrative or informational materials may lead to losses. Past performance is not a reliable indicator of future results.
79% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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