Chart of the Day: Is There Momentum in the Greenback?

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The U.S. Dollar index flirted with multiyear lows in January, but now momentum could be building in the other direction.

The first pattern on today’s chart is the January peak around 99.40. The greenback stalled at the level in early March but cleared it last week. It’s now pulled back and is trying to hold the same price zone. Has old resistance become …

For more, please click here to view the related idea and chart analysis on TradingView.

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U.S. Dollar Index, daily chart, with select patterns and indicators, courtesy of TradingView.

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About the author

David Russell

David Russell is Global Head of Market Strategy at TradeStation. Drawing on more than two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.
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