For Traders

Analytical Reviews

Technical analysis

17.02.201709:49 Forex Analysis & Reviews: Technical analysis of USDX for February 17, 2017

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 has reached important short-term support. Is the entire pullback over or is it just the first part? As long as the price is trading above 99.20 we remain bullish for the Dollar, as the low could very well be the end of wave 4, while the current bounce could be the start of the new leg up to new highs.

The Dollar index has reached the Ichimoku cloud support and the 50% retracement of the recent rise. This could be the entire pullback and we could see the start of a new uptrend from the current levels. Important short-term support is at the 100.20 level and the 61.8% Fibo.

The Dollar index could also be forming a head and shoulders pattern. The neckline support is at 99-99.20 and if we break below that level we should expect the Dollar index to fall towards 95. Daily resistance is at 101.70. A break above that level will confirm the initial bullish scenario that wave 4 was complete at the recent low at 99.20.

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.