The Return Of The Dollar Bulls

Posted On 28 Mar 2018

Tag: analysis_en, DYX, eliott wave, EURUSD, Forex Technical Analysis, GBPUSD, ORBEX, Technical Analysis, XAG/USD, XAU/USD

The greenback is showing signs of a possible Bullish Swing.

The Dollar Index (DXY) dropped significantly following the FED Rate Hike and FOMC press Conference. Due to that, metals and most majors thrived and enjoyed the fresh air brought by the weakness in the dollar.

However, the Bullish Swings seen on XAU, XAG & EUR do not seem to fit properly in an Impulse, showing overlaps and Bearish Patterns.

Will the dollar continue its weakness or turn green?

Technicals are pointing towards a possible Bullish Rally of the dollar and completion of the bigger structures.

DXY – 2H Chart

Reasons in favor of a Bullish Dollar:

Double Three Structure in Minutes WXY (pink)
Expanding Flat & Zig-Zag Patterns appear to be complete and honoring the Fibonacci measurements
Possible Bullish breach of the Descending Channel and a probability of a Support
Harmonic Pattern present – Bullish Gartley

XAU/USD – 2H Chart

XAG/USD – 2H Chart

EUR/USD – 2H Chart

GBP/USD – 2H Chart

*The present analysis is to be treated as simple market commentary and not as investment advice or as a solicitation to trade. Please be aware of the real risk involved when trading financial instruments.

Many pips ahead,

About the Author

“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.