The dollar has breached a critical resistance line at 94.76, which could lead to further moves to the upside.
Below are indicators that led me to express my bullish view on the dollar purely based on technical analysis.
A golden cross occurred at 92.35, a cross over 50 MA above the 200 MA, which is considered a reversal pattern to the upside by institutional traders.
On Thursday, 11/11/2021, we saw a break out at 94.760, another strong indication of the increased strength of the dollar, which reflects my bullish views on the dollar.
The last cross-over of the MA patterns occurred around July 2020, which saw the 200 MA below the 50 MA, a bearish move that drove the dollar down from 98.00 to 89.24 Jan 2021
The dollar is going to face some challenges ahead at 95.22 and 95.40. Support estimates at 94.76 and 94.30
