Dollar Index: Weekly Price Action & Technical Analysis as on 19-MAR-2017

Two weeks before the end of this quarter, a bearish week brought the Dollar Index price back to the major down trend line seen clearly on the Quarterly timeframe, mentioned many times before.

The bullish setup by the Follow Through model mentioned in the past reviews has failed.

Taking out the Weekly Swing Low at 99.195 is a major sign of weakness and is a signal to decline till 96. In this case, closing the Quarter with a Quarterly bar that negates the impressive break up that took place at the previous Quarter. The chances for such a move prior to the end of the quarter are very slim.

Currently, the Dollar Index is above a relatively strong support (the whole range above 99.5 and up to the current price), with an open gap (99.865-99.91). a Daily reversal up without closing this gap completely might be linked to a good bullish signal to reach back the 101 level, turning the price away from the down trend line. However, most chances are to see the struggle on the level of this down trendline continuing till the end of the quarter, two weeks from now.

 

Dollar Index, various timeframes (at the courtesy of prorealtime.com)

  

Disclaimer: Anyone who takes action by this article does it at his own risk and understanding, and the writer won’t have any liability for any damages caused by this action.

 

Gil Ecker

[email protected]

Market Analyst and trader

You may also like...

Rules of Discussion on Dollar Index: Weekly Price Action & Technical Analysis as on 19-MAR-2017

1. This forum is for discussion of financial markets. Please respect others view even if they are contrary to you.
2. Member's comments should lead to value addition in forum discussion.
3. If anyone is found making repetitive Explicit/Abusive/Racial comments, his account shall be banned and old posts will be deleted.
4. Providing Advice/Recommendations/Tips is fine but it should be free. Members cannot ask to be paid for it. Paid Advice is stricly prohibited
5. Spam links are not allowed. Self-promotion once a week is allowed. Too much promotion or using Contact info in ID will lead to account ban.