Forex

Dollar Index Extends Rally as Bulls Target Key ResistanceMay 27, 2026

Dollar Index is recovering pretty aggressively and is now trading above the 98.85 level and eyeing 99.36 which could act as resistance, but since we have seen a very strong and extended move higher in the last two weeks, after breaking out of the base channel, it makes us think that there is room for more upside. This could either be the first leg higher in wave one so after a pullback more gains can follow, but only if drop will unfold in three legs, not in five. Because there is still valid alternate scenario with current recovery away from the lows as wave C of a flat within wave B. 

Looking at the daily chart, it seems we could be in a A-B-C recovery, with room for at least a three-wave bounce that could retest trendline resistance near 101, coming from the July 2023 and September 2024 lows. 

We covered it yesterday on Livestream – you can watch it here

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