Today’s outlook on the USD Index

H4 chart

Yesterday price broke resistance and formed a higher high. I had mentioned on Yesterdays review that the next higher low is likely to trigger more bulls. Price is currently on a higher low and at support, marked in green. Price might drop down to find further support at lower levels. I cannot be certain on where price will resume it rally but I see more possibilities for price to move to the upside than the downside.

2 thoughts on “USD Index daily outlook(10 May 2017)”

  1. Maryna says:

    Hey Teboho, you say you are not sure where price will resume to the upside and this is exactly why traders should use currency strength indicators as part of their trading tools, as it provides for that additional confirmation whether a currency is strong/weak. Knowing which currencies are weak/strong gives an advantage to traders using them and they can be used for long and short-term trading. It is also very profitable to use such a tool for trading the market/session “opens” and closing/overlapping, as this is when money and momentum/volume enters/leave the market. Daniel also uses a strength indicator and have given some great trades using this tool. Such a tool often eliminates the uncertainty in trading.

    1. Teboho Faro says:

      Hi Maryna, Im with or without the strength Index I can never be certain of price next move. What I have is a BIAS and a trade plan

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