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14.07.2015 09:21 AM
USDX technical analysis for July 14, 2015

The US Dollar Index is heading towards higher highs and higher lows since mid-June. All pullbacks reached the 61.8% retracement levels and buyers stepped in and pushed the index higher. The rend remains bullish and the reversal from 93.50 looks like is a new upward move that will bring the index to new highs. This is the most probable scenario as long as we hold above 95.40.

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The US Dollar Index is above the cloud support. The index is moving higher in an impulsive pattern and each pullback reaches the 61.8% Fibonacci retracement and reverses higher. This pattern promises much more upside specially if we break above the recent highs at 97.20.

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Blue line - medium-term trend line resistance

The weekly chart has clearly broken above the medium-term trendline after testing it at 95.40. The most probable scenario now is the resumption of the up trend as long as we hold above 95.40. Otherwise, if we see a downward reversal, we should expect 93.50 to be challenged and, why not, see a deep decline towards 90.50.

Ringkasan
Urgensi
Analitik
Alexandros Yfantis
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