USD Index Market Analysis

Current Trend on the Daily Chart:

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Market is currently making higher high and high lower (Sign of a bull trend).

Recent price action (breaking off the key level $100-100.50) has yet to be confirmed if market had a false breakout2.png

Current Trend on the Weekly Chart:

 

Market previously had a repeated price action of retracing a complete cycle before achieving a smaller retracement at a key number of 38.2 (Fibo) and it had recently repeated itself at a key number of 61.8.3.png

On a larger scale (Previous market expansion of ABCD pattern) market retracement is actually on the 38.2. This signifies a greater probable movement to the long side.

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Current Trend on the Monthly Chart:

 

Market has just broken off a bearish trend line and it is heading to key zone.

A probability for short market reversal might be high before finding demand again in the same the zone.

Conclusion:

My take on the dollar is a long (Bull) one as market keeps showing signs of a slowing bear and a stronger bull on both the daily and weekly. Additionally market has show clear signs of rejection for a lower dollar on 9 Nov and 17 Nov through longer demand wicks.

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