empty
 
 
13.10.2016 09:26 AM
Technical analysis of USDX for October 13, 2016

The Dollar index is found at the 98 price level testing short-term channel resistance. There are several indicators and signs that warn bulls of a possible reversal from current levels. There is no trend change confirmation but I prefer to be bearish about the Dollar at the current levels.

This image is no longer relevant

Dark blue lines - bullish channel

Blue line-long-term support

Price is at the upper channel boundary. Oscillators are overbought. There are divergence signs. I prefer to be neutral or bearish at current levels. Support is at 97.25. Resistance is at 98.10-98.50.

This image is no longer relevant

Red line - resistance (broken)

Green line -support

The Dollar index has made an important breakout above the weekly cloud and the red downward sloping trend line. It is very important for bulls to see this weekly candle close as bullish as it currently is. A reversal below 97 and a weekly close below 97 will be a very bearish sign for the Dollar index and could imply a fake breakout. Short-term bulls must be cautious.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $9000 more!
    In May we raffle $9000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback