Dollar Ready for Nex Leg Down
Last week in my update on US “dollarindex” I mentioned the expectations of a recovery bounce towards 101.80-102.20 to cover the immediate losses before starting its next leg downside. Since then Dollar managed to bounce and reached our targeted range. Pressure remains on the downside as fundamental outlook for Dollar remain uncertain despite “Janet Yellen” gave hints for a rate rise in March “FOMC” meeting dollar failed to hold its gains and fall sharply lower when she shared her concerns by saying “economic performance has been quite disappointing.”
On Intraday charts technical picture of the Dollarindex indicates a possibility of a slight bounce or trade in range between 100.80-101.30 before it continue to start its expected fresh leg downside, medium term chart shows strong bearish pressure as on daily charts a strong head and shoulder formation is spotted. Immediate expectations are for a move towards target of 98 and then 96.50.
On Intraday charts technical picture of the Dollarindex indicates a possibility of a slight bounce or trade in range between 100.80-101.30 before it continue to start its expected fresh leg downside, medium term chart shows strong bearish pressure as on daily charts a strong head and shoulder formation is spotted. Immediate expectations are for a move towards target of 98 and then 96.50.
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