US Dollar shown Rebound Signals. FOREX News:

Jason Rogers

Senior member
2,772 93
Looking at dollar index and the COT report.
Interesting article: http://marketchartpattern.com/category/forex/dollar-index/

USDOLLAR formed a bullish Morning Star candlestick pattern above support at 10520, the February 17 low, hinting a move higher may be ahead.

Forex_US_Dollar_Recovery_Signaled_Ahead_SPX_500_Continues_to_Stall_body_Picture_5.png


Near-term resistance is at 10599, the 38.2% Fibonacci retracement, with a break above that initially exposing the 50% level at 10629.
 

DuCaan

Active member
164 9
Cool link. This must be the FXCM dollar index.
I believe its composition is different to the DX traded on the US ICE.
 

DuCaan

Active member
164 9
Interesting is that, it did form a lower low yesterday. Was looking for a lower low in the DX as well. But it is 56% EURUSD so bit skewed.
 

Jason Rogers

Senior member
2,772 93
Cool link. This must be the FXCM dollar index.
I believe its composition is different to the DX traded on the US ICE.

Interesting is that, it did form a lower low yesterday. Was looking for a lower low in the DX as well. But it is 56% EURUSD so bit skewed.

That's right DuCaan :smart:

The ICE index (aka USDX) was developed in 1973 based on what was then a trade-weighted model. It has been updated once, when the Euro was created. As a result, the Euro accounts for more than 56% of the index's weighting.

By contrast, the Dow Jones FXCM Dollar Index (aka USDOLLAR) gives equal weighting to the following major currency pairs: EUR/USD, GBP/USD, USD/JPY and AUD/USD.
 
 
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