empty
 
 
21.02.2017 10:03 AM
Technical analysis of USDX for February 21, 2017

The Dollar index is making higher highs and higher lows in the short term. As explained in the previous analysis there are a lot of chances that the low at 99.25 was a cycle low and a new uptrend has started. Key for this bullish scenario is the level of 99.25.

This image is no longer relevant

The Dollar index bounced off the 50% retracement. Resistance is the recent high at 101.80 area. Breaking above it will be a bullish sign and will decrease the chances of success of the bearish Head and Shoulders pattern explained in previous posts.

This image is no longer relevant

Black line - neckline support

Green line - trendline support

As explained in the previous posts the low at 99.25 is very possible an important long-term low as the wave 4 could already be complete and the next legup can already have started. Resistance is at 101.70 at the tenkan-sen (red line indicator). Last week the prices got rejected there. We could still be forming the right hand shoulder, but the bears will soon need to break below 100.35 in order for this scenario to still be valid.

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