empty
 
 
13.12.2017 10:07 AM
Technical analysis of USDX for December 13, 2017

The Dollar index is making new highs. Market participants discount a rate hike and more positive news regarding the Dollar before tonight's FOMC. However traders must be cautious as price is rising in an upward sloping wedge pattern.

This image is no longer relevant

Black lines - upward sloping wedge pattern

Red rectangle - support

Black line - target if support fails.

The Dollar index is in a bullish trend. Price is making higher highs and higher lows. Support is at 93.70-93.80. If this level is broken, I expect price to fall towards the cloud support and the 93.30 level.

This image is no longer relevant

Price has reached the weekly kijun-sen (yellow line indicator). This is very important resistance. Price has started the bounce off the 61.8% Fibonacci retracement at 92.50 which was our target. We can see a pull back from current levels but overall as long as we are above 93-92.50 I expect price to move towards 96-97.
Summary
Urgency
Analytic
Alexandros Yfantis
Start trade
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 $6000 more!
    In December we raffle $6000 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
  • 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