Dollar Index

[lingsbord]

Dollar Index dipped to the support provided by the November high and the ECB decision gave it the boost it needed to bounce. As of tonight despite the fact that a bullish rejection candle formed on the previous bar, creating a possible pin bar formation I'm expecting the resultant spike to normalise somewhat. The USD$ is not off the hook based on a single rate decision and I expect a return back to have another look at that support and this means some temporary USD$ weakness over the short term in the majors IF it pans out.

However, a positive NFP result Friday could add fuel to the dollar fire so watch out!

Good Luck/Good Trades everyone

 

[rakhi]

The U.S. Dollar Index (USDX, DXY) is an index (or measure) of the value of the United States dollar relative to a basket of foreign currencies.