DXY climbs to highest close since September 18, 2003
Dollar Index (DXY) Technical Analysis Report for Feb 13, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DXY finished Thursday at 98.995 gaining $0.100 (0.1%). Today's close at 98.995 marks the highest recorded closing price since September 18, 2003. Trading up to $0.150 lower after the open, the contract managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 98.925, the market confirmed its breakout through the prior session high after trading up to $0.085 above it intraday.
Daily Candlestick Chart (DXY as at Feb 13, 2020):
Thursday's trading range has been $0.265 (0.27%), that's below the last trading month's daily average range of $0.322. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for DXY.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 97.939. The last time this happened on Tuesday, DXY actually gained 0.29% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed below the upper Bollinger Band" stand out. Its common bearish interpretation has been confirmed for Dollar Index. Out of 76 times, DXY closed lower 56.58% of the time on the next trading day after the market condition occurred.