Todays outlook on the USD Index
Price has been declining steadly over the past few days. Last week we had price reaching our monthly target. After reaching the monthly target price may rally up to the MPP according to PIVOT theory. Price action resistance is identified with a black line and a pink zone on the charts. If price rallies these are resistance levels Im looking at before the central monthly PIVOT(MPP).
Trend is BEARISH. Market is BEARISH. Price is rising. Price opened the week at WM2 where we saw bulls enter with the projected target WM4. As market is BEARISH I expect it to resume its decline at previous support marked in black. If price continue its rally up we have further resistance as indicated on the daily chart.