The chances are very high US DOLLAR INDEX surges up soon. There might be several reasons for that:
1. Price is oversold. It came down fast without any correction.
2. On an hourly chart, the price is forming a pattern which usually features a correction or a complete reversal.
3. Our analysis of major US dollar peers indicates they are losing their ground and might weaken. (See our analysis of GBPUSD, USDCAD, EURUSD)
Fractology recommends covering short positions for US dollar and looking for buying opportunities.
1. Price is oversold. It came down fast without any correction.
2. On an hourly chart, the price is forming a pattern which usually features a correction or a complete reversal.
3. Our analysis of major US dollar peers indicates they are losing their ground and might weaken. (See our analysis of GBPUSD, USDCAD, EURUSD)
Fractology recommends covering short positions for US dollar and looking for buying opportunities.
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