As expected, the Dollar index traded positive in the week and settled around 92.25. The dollar index inches up because of better than expected employment data from the house of the US. However, US indices are trading near all-time highs.
Dollar index is still facing resistance in the range of 93—94 levels. Chances are bright that dollar index could test its resistance.
More and more upside rally we will see on a weekly close above 94.00 levels only. The dollar index is forming a double bottom pattern at lower levels. Three consecutive closes plus weekly close above 94 will take the dollar index to 97—98.50+++ levels in days to come.
However, traders don’t go for aggressive selling in Dollar index, buying at lower levels will be the best trading strategy.
Trendy EURUSD
As expected, panic continues in EURUSD. EURUSD has support at 1.1750 and resistance at 1.2000.
EURUSD is forming Head and Shoulder pattern formation on the weekly chart.
Three consecutive close + weekly close below 1.1750 will see a sharp downside panic till 1.1300 and then to 1.1200—1.1050 levels in days to come.
Or else it could bounce from the support level of 1.1780—1.1750 levels.
EURUSD has crucial resistance at 1.2000 levels. Trade safely as per levels given above. More we will update during market hours.
Trendy USDINR
As expected, USDINR spurts and crossed 75.00 levels. We clearly indicated buying from 74.50 levels.
USDINR is trading in a range and forming channel line pattern formation on the daily chart which has breakout resistance level of 75.50.
Three consecutive closes + weekly close above 75.50 will take USDINR to 78—79 levels in days to come or else it could test its support level of 74.00 again.
Decisive break and close below 74.00 levels will take USDINR towards its downside trend line support levels.
However, traders can trade safely as per levels given above. More we will update during market hours.