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Dollar index analysis for August 4th, 2022.


Blue rectangle- resistance

Purple rectangle- target if resistance is broken

The Dollar index is under pressure. Price is trading around 105.82 having formed a lower high. Tomorrow volatility around the Dollar is expected to rise and we need to keep a close eye on key resistance levels. If bulls manage to break above the blue rectangle resistance at 106.60, we should expect the Dollar index to continue higher towards at least the purple target area of 107.50-107.75. As long as price is below 106.60, the Dollar index is vulnerable to a move to new lower lows towards 104.80.

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