empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

24.03.201710:14 Forex Analysis & Reviews: Technical analysis of USDX for March 24, 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 broken out of the downward sloping wedge. The price is showing reversal signs. I expect the Dollar index to strengthen towards 100.80-101 over the next couple of sessions. Trend is bearish as the price is below the 4-hour cloud.

Exchange Rates 24.03.2017 analysis

Blue lines - downward sloping wedge

The Dollar index is testing the short-term resistance at 100. I expect a bounce towards cloud resistance at 100.80. Support is at 99.60. The price is very close to long-term support levels so buyers are expected to step in.

Exchange Rates 24.03.2017 analysis

Blue line - resistance

Black line - neckline support

Green line - long-term support trend line

Red lines - price projection target

The Dollar index has reached important weekly support just above 99. If support breaks below the neckline support we should expect a move towards the weekly cloud and even lower. If the price bounces from the current levels, it should find resistance at the blue trend line at 101.80. As long as the price is below the blue trend line, the chances are in favor of a bearish breakdown. This will be confirmed on a break below the necklines at 99.25.

Alexandros Yfantis
Analytical expert of InstaForex
© 2007-2024

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.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off