17.06.201407:02 Forex Analysis & Reviews: Technical analysis of USDX and USD/CAD for June 17, 2014

Long-term review

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USDX

The USD index exactly hit 200-week EMA and started moving southwards. For the last 5 sessions, the pair has been making lower highs and lower lows. Today in Asia's session the index broke the 200-day EMA and drifted lower towards the lower end of the Symmetric triangle. On the upside, the price has strong resistance at 80.71 (double top), until the price breaches the double top, sell on the rallies for 80.30, 80.24, 80.12 and 80.05 levels. On the other side, if the index breaches 80.71, it can fly up to 82.50 and 84 levels (if it is able to close above 81 levels).

USD/CAD

The pair has been in an uptrend from 1.0814 and pushed towards the 50-day SMA. The pair was rejected for 4 times on a closing basis at 50-day SMA and pushed lower. The pair favors buying on dips for the short term. The pair made a short-term base between 1.0823 and 1.0814 levels, below this, it has strong support at 1.0790. Traders can buy until the pair breaks 1.0790 on a closing basis. On the up side, the pair has resistance at 1.0885 and 1.0922.

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