• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Economy Dollar Index Analysis: Strong Uptrend Faces Resistance Level
Economy

Dollar Index Analysis: Strong Uptrend Faces Resistance Level

by November 12, 2024
by November 12, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Overall Analysis

The Dollar Index continues its rally to the upside, with price action showing weakness on the daily and hourly time frames.

Chart Analysis

USD 15-Minute Time Frame

On November 11, 2024, the Dollar Index increased by 0.50%, currently trending upwards within a channel. The price might face strong rejection at the 105.77 level, as the previous swing high will act as resistance.

On the daily time frame, the price broke out of a flag-and-pole pattern on November 6, 2024, and continued its rally. Currently, the price might face rejection at the 105.77 level, which is a strong resistance area. The price has moved up without pausing. However, it needs to close above the 105.77 level on the daily chart to continue the uptrend.

On the 1-hour time frame, a strong upward channel is visible, creating key support and resistance levels. If the price fails to stay within the channel and breaks down, selling pressure could push the price down to the 104.80 level.

In the 15-minute time frame, there is strong momentum for the uptrend within the channel structure. Compared to the hourly and daily time frames, the 15-minute time frame shows more strength.

Overall, on higher time frames, the price has moved up quickly without forming significant swings or pauses, weakening the trend. In contrast, the 15-minute time frame has shown proper swings and enough pauses, making it safer for short-term traders.

Entry Triggers

For potential entries, here are the triggers to consider:

If the price on the 15-minute time frame breaks the supporting trendline and sustains below it, sellers may consider entering the trade with a stop loss above the previous swing high and target levels at 105.30 and 104.90, based on a trailing stop.
On the daily time frame, if the price closes above the 105.77 level, positional buyers may consider entering the trade with a stop loss below the previous candle’s low, targeting 106.31 and 107.03 on a trailing basis.
On the 1-hour time frame, if the price breaks the supporting trendline and continues below it, sellers may consider entering the trade with a stop loss above the previous swing high and a target of 104.80.

The post Dollar Index Analysis: Strong Uptrend Faces Resistance Level appeared first on FinanceBrokerage.

You Might Also Like
  • Biden to award Medal of Honor to Vietnam pilot for heroic rescue: ‘Never been accomplished or even attempted’
  • Border Patrol arrest 16 people on FBI terror watch list in April at southern border
  • Biden team seeks to pin ‘basement’ campaign reputation on Trump
  • Wisconsin bail amendment headed to ballot box in April
Share
0
FacebookTwitterPinterestWhatsapp

previous post
USD/CHF in a strong up trend; USD/JPY breaks out of the zone
next post
Bitcoin Hits $88,000 All-Time High, Ethereum Surges 5.91%

You may also like

President Biden’s first term foreign policy called a ‘fiasco’ by...

February 14, 2024

Minnesota lawmakers considering ‘red flag’ law, background check expansion

April 26, 2023

Sec Blinken exchanges warm greeting with Palestinian president, remains silent...

October 18, 2023

US intelligence confirms some claims about UNRWA staff ties to...

February 23, 2024

Anna Paulina Luna calls for $10,000 per day fine on...

July 2, 2024

RFK Jr. asked Harris for Cabinet post in exchange for...

August 15, 2024

Lawmakers see hope in bipartisan border-Ukraine talks after White House...

January 19, 2024

House Judiciary GOP calls on appellate courts to ‘reverse the...

July 9, 2024

Anti-McCarthy GOP rebels distance themselves from push to oust Speaker...

May 3, 2024

Biden’s ex-press secretary Jen Psaki to sit down with House...

July 2, 2024

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Nancy Mace reveals what she wants...

    July 18, 2024

    DOJ offers Hunter Biden investigator for...

    July 25, 2023

    Supreme Court agrees to review whether...

    February 29, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here