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15.11.2013 01:08 PM
#USDX analysis for November 15, 2013

The Dollar index continued its sideways corrective move yesterday. The trend remains upward for the intermediate term and short-term trend is neutral. Prices are trading above the support levels 80.50-81 and we remain bullish biased. The price pattern continues to favor bulls as this sideways consolidation could be labeled as a bullish flag pattern.

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Resistance is found at 81.30 and 81.55. Breaking above the 81.30 will confirm that the downward move is a correction. Breaking above 81.55 will confirm that the correction is over and that we are heading towards 81.70-82. The rise from 80.74 is looking impulsive and the start of a new upward move at its beginning.

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Prices should remain above the short-term red trend line as shown in the chart above. We want prices to break above the recent high a 81.21 in order to pick up more bullish momentum and break above the 81.35-55 resistance levels. We are bullish as long as prices trade above 80.85 in the short term and 79 in the long term.

Alexandros Yfantis,
Especialista em análise na InstaForex
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Alexandros Yfantis
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