Vladimir RibakovOwner, Chief Trader at Home Trader Club (Former Traders Academy Club), Owner, Chief Trader at Home Trader Club (Former Traders Academy Club) · Owner, Chief Trader at Home Trader Club (Former Traders Academy Club)

Dollar Index Analysis & Trading Plan - 18 July 2024 #forex #trading #forexsignals #shorts #fyp

18 Jul 2024 · 1 min

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Vladimir Ribakov analyzes the US Dollar Index and spots a bearish pattern: three lower highs and lower lows after bouncing off resistance. A bullish MACD divergence on the 4-hour chart suggests short-term pullbacks coming. His plan is to wait for those pullbacks, watch Fibonacci levels, then sell rallies for a longer bearish trade.

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Can the dollar index continue its bearish momentum after some pullback? Let's take a look on the charts. The dollar index bounces off a beautiful strong resistance level on the daily chart. After this bounce, the recent bullish trend line is broken on the same daily chart. It's not just a breakout, it's a breakout with a proven bearish price action— 3 lower highs, lower lows. At the moment, the 4-hour chart is building a bullish divergence. While the market is making lower lows, the MACD moving average is making higher lows. Bullish divergence. Short-term pullbacks are very possible and welcome. After the pullbacks complete and as long as the Fibonacci levels hold, I will be looking to sell the rallies for the longer term. Share your thoughts in the comments.