USD Index: Multiple Timeframe AnalysisWeekly Chart: Price is continues to push lower, retested a long term rising trend line and major horizontal support last week but failed to break it. Forming a weekly hammer candle, are we heading for a serious recovery for the USD. lets check the daily chart now for more clues.
Daily Chart: The bounce of the weekly support shown on the other chart was halted at the main descending resistance for the daily bearish wave, as price formed a shooting star candle at the trend line, which s also near a key horizontal resistance and latest swing high.
Conclusion:
-I wont be looking for a long USD trade unless we break that resistance area, or unless we trade back lower .
-The shooting star at the descending resistance hints a potential short term setback before any recovery
-A short term bearish move towards the main support at the weekly chart is likely, but should be considered for a new long opportunity from lower levels, as long as that weekly support is holding.
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