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- Is the Dollar Index Forming a Double Top Pattern?
Is the Dollar Index Forming a Double Top Pattern?
The greenback lost ground on Thursday and
fell notably, with the same trend occurring on Friday as well and the Dollar
index was also down by 0.25 per cent during the London session, trading near
96.10.
Bulls failed to push the index above
August’s highs at 97.00 and therefore, bears took control and pushed the index
back below this resistance. Thus, it looks like a double top pattern on the
daily chart, which is a reversal formation.
The price seems to head to the major
support zone near 95.50, where previous highs are converged with the short-term
bullish trend line. If this level is taken out, the bearish reversal could be
confirmed with the next target at the 100-day moving average at 95.20.
The RSI indicator is already below the bullish
trend line, which could be another bearish signal.
Interestingly, the greenback is easing
despite US yields marching higher, which is an unusual divergence. Since the
equity markets calmed down and began to rise again, the market has upped the
odds for the December rate hike again, but the US Dollar also ignored this.
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