Hi Traders! Dollar Index forecast follow up and update is here. On March 3rd I shared this “US Dollar Index Buy Idea From Strong Support Zone” post in trading view. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
In my forecast, I mentioned that “until the strong support zone holds my view remains bullish here”. On the H4 chart, the price action followed my analysis exactly as I expected it to. After the breakout of the most recent downtrend line, we had a pullback with the price reaching the strong support zone, respected it, and bounced higher from this zone. We also had a bullish hidden divergence that has formed between the first low that has formed on 25th February 2021 and the second low that has formed on 3rd March 2021 based on the MACD indicator which we may consider as a fact provided by the market supporting the bullish view. The price then moved higher further providing an excellent move to the upside.
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To your success,
Vladimir Ribakov
Certified Financial Technician
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