The Dollar index remains inside the upward sloping channel. The trend remains up. Price made a pull back yesterday as expected. Now, we see the Dollar index try and push to new higher highs towards 81.80. The Dollar index almost touched my price target of 81.75 yesterday. Prices pulled back towards the Ichimoku cloud support. Now, we see renewed buying strength pushing the index higher.
Price is above the Ichimoku cloud and still inside the short-term upward sloping green channel. Short-term resistance is found at 81.55 and if broken it could push the Dollar index towards 81.75. My short-term target if resistance is broken is the 81.85 level. Support is found at 81.45. If broken we could see a pull back towards the Ichimoku cloud at 81.30.
The Dollar index is right on top of the lower boundaries of the green upward sloping channel in the daily chart. Support is strong at 81.30-81.40 area. I expect the upward trend to continue as long as price is above 81.15. The medium-term target is 82.
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 August 7, 2014 . Thanks for your support on #USDX Technical analysis for August 7, 2014
No comments:
Post a Comment