The dollar is retracing to its down trend after the index pushed up after the interest rates data release which happened on Wednesday's interest rates event which caused a number of retracements on certain dollar paired currency pairs. The interests Rates FOMC decision came out negative as the interest rates had dropped from 2.25% to 2.00% which will have a negative impact on the dollar.
Technical Overview
On our previous weekly article we had the analysis of a week dollar as shown in the setup below whereby we anticipated to see a sell off in the dollar index after a retracement to the 98.600 zone.
Recommended article: Forex Weekly Setups, 16th September To 20th September 2019
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| Previous Setup |
The dollar index had reached our target entry zones and we will continue to look for trade opportunities below the 98.600 area which is represented by a green line on the setup below. in addition we will look for possible bearish signals in price on that zone for possible entries.
We remain bearish on the dollar index unless the market gives some new trade opportunities and most importantly please stick to a proper risk management to improve your profits in this trade.
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