TREND ANALYSIS & TRADE SETUP
Possible start of Uptrend.
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On the charts, we find that the MACD is gradually heading higher as prices continue to consolidate with favorable tailwinds leading to strengthening of the greenback. Prices are now rising to challenge the strong resistance developed at 100 levels. This was the top recorded back in Mar 15 and again in Nov 15. Through the first half of the year the prices have...
Possibilities of a continued upmove emerges from the higher time frame charts. Once the key resistance zones around 97.95 was overcome the we observe that the strong breakout above the key resistance zone around 97.81 has generated some positive momentum in the currency basket. With the bullish trends getting restored we need to see how long can the momentum...
Dollar Index has build a strong support base and started breaking major resistance. It is now moving ahead towards the target of
2 -- 98
3 -- 99.21
And 4 -- 102 (Major Resistance).
With the support of 1. -- 97.14(Closing basis)
2. -- 96.50
3. --- 95.70
Be cautious with the trade in major pairs. Lots of factor might impact the DXY so don't let it to...
So Dollar Index has met with its old friend - a downtrendline - after a long time. We can expect an interim fall in the index from current levels of 92.7 to levels of around 91.
Its a contra position to market sentiments, hence extreme caution is adviced, however the gains will be sweet!
The RSI is also dropping from overbought levels to 68 levels, look poised to...
Supports proved to be quite determined in producing a strong recovery. However the rally now has tread into median line resistance and this could now hold back further strengthening next week and push the DX into a range until 94.30 is surpassed.