USD Shows Strength Off Major Support – Bullish Rejection Signal

usd index off range support

The USD Index has been deadlocked in this range for months now.

We recently seen a very convincing breakout back in August… but it collapsed as quick as it rallied.

Now we’ve tumbled back to the range support, which is a major structural level for this market.

These are the levels where you can expect the market to make reversals, and the price action backs that idea here by printing a bullish rejection candle off the level.

The rejection communicates strength coming back here defending the range bottom. If you look to the left, the previous test of support also produced a bullish rejection candle, which seen the USD follow through with a range cycle.

If this signal follows through, we could see another cycle of the range, and a push up to the range top.

Conversely, if the market breaks lower – I wouldn’t trust that, as these major levels are notorious for producing fake outs… don’t get trapped into those here!

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  1. Shah comment display photo
    So the up coming fomc, dollar will be strong?
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