Forex Trader: This blog post is for you. US Dollar Index is at an Interesting position now. Forex Trader: US Dollar Index has bounced 17 times in the past from these lines. Now What?
US Dollar index is an important instrument to know and look for if you are a serious Forex trader. This index is a composite index and comprises of 6 currency pairs which are traded with US Dollar directly. These 6 currency pairs are as below: EUR/USD (Euro), USD/JPY (Yen), GBP/USD (Sterling), USD/CHF (Swissy), USD/CAD (Loonie) and USD/SEK (Swedish Krona against US Dollar).
We are considering daily chart for the US Dollar index for you, the Forex Trader, as shown below.
The above chart for you, the Forex Trader, is showing US Dollar Index (USDOLLAR) from July 2019 till the time of writing this post. We have the 200 exponential moving average (in yellow colour) on the chart. We also have the standard error channel with our proprietary percentage set on it.
As you, the Forex Trader, can observe how the US Dollar Index (USDOLLAR) has bounced in past from the standard error channel 10 times and from the 200 exponential moving average 7 times in the recent past. This is the power of an established trend.
If you, the Forex Trader, can observe the chart for the US Dollar Index (USDOLLAR), like a Pro, you will find out that every time it has bounced from the lower band of the upward standard error channel, it has reached the top band of the standard error channel.
Like the last 17 times (10 times from the standard error channel and 7 times from the 200 exponential moving average) bounce and success for the US Dollar Index (USDOLLAR), do you, the Forex Trader, know what to do now and how to trade the US Dollar Index?
you, the Forex Trader, must be wondering how you can take your Forex Trading to the Next Level through all our professional approaches. To take your Forex Trading to the Next Level through all our professional approaches and to find out the answers to all your Trading related queries, please contact us at 03 9015 4858 and book your FREE discussion session for 30 minutes at Level 3, 2 Brandon Park Drive, Wheelers Hill, Victoria 3150.
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