For Traders

Analytical Reviews

Technical analysis

06.07.201509:58 Forex Analysis & Reviews: USDX technical analysis for July 6, 2015

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 US Dollar Index opened with a gap up today as the NO vote in the Greek referendum pushed the main component of the Index lower. The US Dollar Index remains in a short-term bullish trend but the price remains below the long-term resistance trendline at 97. A rejection here will open the way for more dollar selling pressures.

Blue line- trend line support

The US Dollar Index is heading towards higher highs and higher lows as the price remains above the cloud support. Short-term support is at 95.50. Important medium-term support is seen at 94.50. Huge support is found at 93.50. A brakeout of these levels will confirm a new bearish move towards 92 or even 90.

Blue line - trend line resistance

The US Dollar Index is approaching the blue trend-line resistance. The price is at an important junction now. If the price manages to break above this trendline, we should expect more upside towards the previous highs at 100. However, I believe that it is more probable to see a rejection at the current level and a push towards 90. The first bearish signal will come if the price breaks below 94.50.

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.