In the last issue of the Traders Market Views  (February 19, 2010) I talked about the triple top formation that had formed in the dollar indiex over the past several days. The pattern formed at the end of the cycle, but  just below the reaction line target objective. I said the market should tade above the triple top and challenge the reaction line before the reversal timing could kick in. The dollar did reach a new high of 81.43 during Friday’s session and tested the reaction line objective before turning lower. The market hit the reaction line on the weak side of the ascending median line suggestiong a loss of momentum at the end of the trend. I look for the dollar to begin froming a new TR pattern leading to a shift in the trend over the next few days. I will have an update in the next issue of the Traders Market Views.

March Dollar Index

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  1. Cary Boulerice

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