empty
 
 
17.03.2014 12:42 PM
#USDX Technical analysis for March 17, 2014

The Dollar index remains in downtrend. The previous high at 79.70 has not even been challenged. Bulls to reverse trend will need to break at least above 80. Short-term support at 79.25 has given bulls a small upward bounce but it seems that it is weak. Bulls will need to show more strength and break above the Ichimoku cloud resistance at 79.90-80.05.

This image is no longer relevant

The Dollar index remains inside the downward sloping wedge and we remain bearish as long as price does not break above 80. We can see an upward bounce towards 79.80 where resistance is found. Short-term support is now found at 79.15.

This image is no longer relevant

The daily chart has nothing new to add to our analysis. Trend is down. Our view remains bearish with 79 as a short-term target and 74-75 as an intermediate-term target. Lower lows and lower highs confirm bearish trend. Bulls need to break on a daily level above the red downward sloping trend line resistance. This resistance is now at 80.

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