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Dollar Index Maybe Getting Ready For a New Trend

FTD Limited by FTD Limited
June 10, 2021
Reading Time: 2 mins read
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Dollar index current status

Dollar Index Current Status

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Dollar Index, Dollar Index Non-Commercial Net Positions Weekly Chart
Dollar Index, Dollar Index Non-Commercial Net Positions Weekly Chart

Dollar Index is testing the key support level, 90 ahead of CPI data and ECB meeting. Net non-commercial positions made a bottom around -15000 this year. Since 2008, whenever positions bottom around -15000, the dollar index entered a bullish period. But usually, prices remain flat or sometimes negative for a few months after the signal. This buy signal only failed one time which the price remained flat until the next signal.

Dollar Index Daily Chart
Dollar Index Daily Chart

The 89-90 zone will be key for the direction of the price. The broken wedge formation is supporting the upward moves too. But a possible head and shoulders over the 89-90 zone may form in the shorter term. Today’s CPI data and ECB meeting will be very important for the Dollar Index as well as most of the assets around the world.

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