empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

28.08.202013:55 Forex Analysis & Reviews: Trading plan for US Dollar Index for August 28, 2020

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 28.08.2020 analysis

Technical outlook:

US Dollar Index end of the day chart has been presented here, which has closed around 92.99 levels yesterday. The indice trading lower at this point in time around 92.26/30 mark and is expected to turn higher. The corrective drop that had begun from 93.50 mark is taking a more complex structure but as long as the US Dollar Index stays above 92.15, the overall bullish structure would prevail. Immediate resistance is seen around 94.00 levels, while support is seen through 92.15 levels respectively. On the flip side, even if prices manage to drop below 92.15, the downside remains limited, hence it would be a good trading strategy to buy on dips, going forward. A break above 93.50 would confirm that a major bottom is in place.

Trading plan:

Remain long, stop @ 92.00, target is open.

Good luck!

Oscar Ton
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off