empty
 
 
21.11.2013 01:03 PM
#USDX analysis for November 21, 2013

The Dollar index was trading inside the downward sloping channel. We labeled this decline as corrective. We also mentioned that prices were trading inside the support zone. We also mentioned that an upward move should soon be expected. This is what happened yesterday. Short-term trend has reversed upwards.

This image is no longer relevant

The downward sloping trend channel was broken upwards. Prices are moving upwards in an impulsive pattern and are now going to test the previous highs at 81.50. Breaking above that level will re-energise the bullish momentum with 82-83 as a target. The short-term support levels to watch are 81.05 and 80.50.

This image is no longer relevant

Prices in the daily chart have now reached the next resistance level at 81.30-81.50, where the previous highs and the 100-day MA are found. Breaking above the MA will be an initial bullish signal for the longer-term trend that has changed to upward after the low at 79. An important support level in the daily chart is the 80.45 level. Breaking that level will push prices towards 80.15 and probably to 79.50.

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