he Dollar index made an upward reversal from the 61.8% retracement. This area of support was the last chance for Dollar bulls to reverse the market to the up side. Strong resistance at 98.20 must be broken in order to confirm trend reversal. Rejection here could imply another test of the lows at 96.
Purple area= support
The Dollar index has reversed from the purple support area and the 61.8% retracement as expected. I’m bullish as long as the price is above this support area. Resistance is found at 98.20 by the Ichimoku cloud. We need to break above that level in order to confirm a medium-term bullish reversal.
The weekly chart closed above the tenkan-sen. This is a sign of bulls holding support and that there is enough strength to reverse the rend and resume the uptrend. The pullback from 100 to 96 was a nice short-term pullback. So, bulls can re-energize and resume the up trend as they continue to be under control of the trend. As long as the weekly close is above the tenkan-sen at 96.80, I remain bullish.
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Performed by Alexandros Yfantis, Analytical expert InstaForex Group © 2007-2015 |
#USDX technical analysis for March 30, 2015
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