Stock market signals today forecasts Dollar Index

Stock market signals today forecasts Dollar Index

Forex trading forecasts Dollar Index 2024

Forex trading today forecasts technical analysis and stock market signals on the Dollar Index using WD Gann time cycles.

Weekly Dollar Index Chart

Forex trading Dollar Index today

Between the weeks of July 21-28, 2023, the Dollar Index initiated a new bullish phase and maintained positive returns above the ascending 1X1 corner for a full 12 weeks.

The Index quotes, from octave static support at $99.57 last summer came to static resistance visible in blue color at $107.34 in the week of Oct. 07, 2023.

In fact during the 144-week Natural Cycle expiration of Oct. 13, 2023, the Dollar Index began a slight distribution, which ended in the week of the Maximum Square expiration.

In fact since the week of Nov. 10, the Dollar market began a correction that ended year-end reaching a low at 100.6.

Since the Set Up weekly of Jan. 05, 2024, the Dollar Index has restarted a pull-back, a symptom of the creation of a new sideways phase.

In fact, in the week of Feb. 16, quotations, reaching the expected dynamic resistances in the 105 area, started to pull back again, reaching a low at 102.35 in the week of March 08.

The week of March 22 coincides with a new Forex signal.

Currently the indication is positive and resistances are at 105-105.30; 105.80-106.00.

The return below 102.80 however will indicate the start of a new short-term negativity that will have as first supports area of 102.20; 101.40.

Reliable medium-term forex signals on the dollar

In the medium-term trend, the emergence of this lateral phase bounded by the static supports and ascending 1X3 angles plotted in green and the static resistances and descending angles, plotted in blue and yellow, is best grasped.

More exactly, the trading range has a price range from a July 2023 low at 99.57, to an October 2023 high at 107.34.

The Dollar Index market after the ‘important bullish movement in the June 2021-September 2022 period, followed by a correction between October 2022 and July 2023, is preparing a new positive phase.

The last medium-term signals expired in February-March 2024.

In March we are observing, due to laterality, to a market indecision as the March negative breach on the February signal is gradually reabsorbing.

In fact the return above 105.30 the Dollar Index will form a bullish out-side, a further indication of positivity.

Resistances in the 106 area; 106.50; supports in the 101.60 area.

Stock Market Technical Analysis: Dollar Long-term Index

The long-term trend is positive despite the trading range formed in the last two quarters.

Both static supports and the ascending 1X4 and 1X2 angle plotted in purple and yellow in the 100.30-101.00 area offer an important obstacle for corrective retracement.

For the next quarter, the next targets and resistances are in the 107.50-109 area.

The next Set Up quarterly coincides with the second quarter 2024.

Only in case prices reach 100 will the dollar reverse long-term dynamics.

The Dollar Index forecast was illustrated through the Gann technique and with the help of the Top Trader(c) stock market software.