The Dollar index has broken downwards the bearish flag pattern and targets 79 for the short-term. Short-term resistance is found at 80.20 and at 80.40. These two levels are shown in the chart below by the two downward sloping trend lines.
The Dollar index continues to make lower lows and lower highs. Breaking below 79.70 will strengthen our bearish view and as this low is short-term support.
The weekly chart shows how the index is below the Ichimoku cloud and is breaking the long-term upward sloping trend line that comes from 2011 April. The current trading area around the 80 level is very important for the longer-term trend. Soon we will find out if a tradeable bounce will come or support fails and we should expect prices to fall towards 73-74. 80.60 is important resistance that should be broken by bulls and support at 79.70 should hold. We are neutral as the index is near very important long-term support. Short-term view is bearish as long as the index trades below 80.50.
The material has been provided by InstaForex Company - www.instaforex.com
For detail explanation and best discovery on market trends you may visit via #USDX technical analysis for March 4, 2014 . Thanks for your support on #USDX technical analysis for March 4, 2014
No comments:
Post a Comment