empty
 
 
11.03.2015 11:01 AM
#USDX technical analysis for March 11, 2015

The Dollar index remains in a strong uptrend and has reached our short-term targets very easily. The Dollar index might make a short-term pullback soon but it is very difficult to say yet as this bullish trend is extremely strong.

This image is no longer relevant

Orange lines = bullish price channel

The Dollar index remains inside the upward sloping price channel but has reached the upper channel boundaries. This is a resistance area and we could see a throwoff above it to complete the upward wave from 94.10. We could see a pullback towards the 38% retracement towards 97.25 before we resume the bullish trend towards 100-101.

This image is no longer relevant

My longer-term target remains at 100-101 as I have been saying for some time recently. The 61.8% retracement is my target and I believe the bullish trend will very soon reach this level. Support on the monthly chart is at 94.50.

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