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This time also US Dollar Index touched the zone of 98-98.50 level however it failed to sustain at higher levels and reversed on downside.
This indicates that prices are not able to generate the momentum above 98.00 level which is cautious sign over near term.
RSI indicates negative divergence which confirms our view that momentum is reducing on upside from medium term perspective.
Thus as long as 98.40 is intact on upside, expect Index to move lower towards 97.00 levels.
In short, formation of bearish candlestick pattern indicates negativity and trend till 97.00 is possible.
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