Did you know that you can directly trade the USDX chart with Vantage FX?
On your MT4 platform’s market watch, scroll through the CFDs tab and add the US Dollar Index to your watch list.
Even if you’re not one to trade directly off the volatile index, it’s definitely worth having major levels marked if you’re trading any of the majors.
Let’s take a look at the daily chart below:
While in an overall bullish trend, price has spent 2017 moving in the opposite direction. Price has pulled back and gapped down through the higher time frame bullish trend line, but now has been creeping back up the underside of it.
It’s actually quite common to see a chart break out of a higher time frame trend line, only to creep back in the direction of the original trend. Look for price to tuck back above the broken trend line and possibly reactivate it as support once again.
Will this be just another failed USDX breakout? Open a live forex trading account today and take advantage of market opportunity in the US Dollar Index
Dane Williams – @VantageFX
Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and FX broker Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.