empty
 
 
07.12.2015 10:25 AM
USDX technical analysis for December 7, 2015

The US dollar index is bouncing as expected from the 38% Fibonacci retracement level towards the initial resistance of 99. Important medium-term resistance is found at 99.50, and only a breakout above it will ruin chances of reaching a lower low at 97.60.

This image is no longer relevant

Blue lines - upward sloping wedge broken

In the 4-hour chart above, we can clearly see why the price is bouncing higher. The price has reached the 1st important support of the 38% Fibonacci level and we should see some more upside towards short-term resistance at 99. Eventually, I believe that we should expect another rejection at highs and a reversal to new lows below the recent low.

This image is no longer relevant

In the weekly chart, the price remains above the weekly kijun- and tenkan-sen indicators and of course above the Ichimoku cloud. I expect the price to hit a lower low in the area of 97.10-96.50 before resuming the uptrend. Long-term support is provided by the Ichimoku cloud at 94-93. A breakout above 100.50 will be a huge bullish signal.
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