The daily chart shows that the trends continue to be in favour of the INR as the prices have been unable to move beyond the median line of the Pitchfork. Despite the strong strengthening of the Dollar the INR seems to be holding to its gains. Will it translate into some benefit for the Indian equity markets is something that will transpire tin the coming...
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...
We'll be longing on this pair till next weekly resistance level as it has beautifully retested the Consolidation box. Looks Solid till next Resistance.
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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...
You can see two head&shoulder in the chart. For the frist pattern, it's the beginning bearlish trend of DXY.
Now, the price is out of the decline channnel,it means that the decline trend has already change ! And the MACD is above the 0 zone.
If the head&shoulder bottom is formed ( it has not been formed yet!), the trend of USD will competely change! 94.25 will be...
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.
Just to put in a prospective, following traditional technical analysis can lead to good trades and necessarily no need to trade every other day. It is question to be asked if fundamental make the technical or fundamental can be predicted by the technical. Nevertheless it is always to good to have both technical and fundamental knowledge in your trading arsenal.