06.08.201411:47 Forex Analysis & Reviews: #USDX Technical analysis for August 6, 2014

Long-term review

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.

The Dollar index continued its upward move as expected after breaking above short-term resistance and made a new high at 81.64. Price is moving closer to our target of 81.75. I believe we are at the final stages of the rise from 79.75.

The trend remains up. Price is above the Ichimoku cloud in the 4 hour chart as shown above. The Dollar index is inside the upward sloping channel. Another pull back towards 81.40 is justified before the final expected push towards my target of 81.75.

The daily chart shows how price remains inside the upward sloping channel. The lower boundaries of the channel are at 81.40 and this is where the Dollar index will find support if it pulls back. My target of 81.75 remains valid. The trend remains up and crucial support that should hold is found at 81.20.

Back to the list

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.