Dollar index closes in on key resistance levels once again
Dollar bulls are back in charge following a rebound into US trading yesterday, after they defended a test of the 61.8 retracement level @ 94.30. We're now trading back above the pivotal 95.00 handle and bulls look set to try and test the resistance "air pocket" once again.
There is minor resistance seen @ 95.14 (2 July high) first but the key are to watch out for is the resistance "air pocket" between 95.15 to 95.53. This is the danger level for dollar bulls.
Price has been rejected several times in this region over the last two months, with the most recent one being last Friday - in which we saw a dramatic U-turn in price action in the greenback.
The dollar index is inching towards the day's highs right now being up 0.12% currently - with most major currencies trading near the lows against the dollar now. Watch this space once again. It'll be yet another make or break moment for the greenback.
