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14.03.201710:16 Forex Analysis & Reviews: Technical analysis of USDX for March 14, 2017

Long-term review
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The Dollar index is bouncing as expected to back test the broken support. As long as price is below 102.30, there is a lot of danger of moving sharply lower towards 100 or even lower. Bears need to break yesterday's lows while bulls need to break above the recent double top.

Exchange Rates 14.03.2017 analysis

Blue line - support (broken)

Red line - resistance

The Dollar index is trading inside the Kumo (cloud). Trend is neutral on the 4-hour chart. Resistance is at 101.63 and 101.80 before the big resistance at 102.30. Support is at 101.30 and at 101. Traders better be patient.

Exchange Rates 14.03.2017 analysis

Red line - resistance

Black line - neckline support

Green line - long-term support trend line

The Dollar index weekly chart remains indecisive as price continues to trade sideways in a tight range between 102.30 and 101. The weekly tenkan-sen support is at 100.75. Weekly kijun-sen support is at 99.45. Weekly resistance at 102.30 remains intact. Market is moving sideways. No clear trend in the short term.

Alexandros Yfantis
Analytical expert of InstaForex
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