25.04.201411:04 Forex Analysis & Reviews: #USDX Technical analysis for April 25, 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 continues to trade in a neutral zone and in a sideways consolidation range of 80 and 79.70. Price has no clear direction. Price is trading below the 50% retracement resistance. Price is still inside the Ichimoku cloud. So it is important to wait for a break out or break down before opening a position.

Short-term resistance is at 80. Short-term support is at 79.65. The trend is neutral. So we prefer to stay on the sidelines waiting for a signal. Sometimes it is preferred to wait and have no position than have a position that has a 50-50 chance of success.

The daily chart continues to favor bears. Price is below the trend lines and below the Ichimoku cloud. Price is in a downtrend making lower lows and lower highs. Important long-term support is at 79 and long-term resistance at 81.30. A break below 79 could bring the Dollar index towards 78.50 or even 77. A break above 80.70 could bring the index to 81.30 or even 83.

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.