Technical analysis of USDX for July 17, 2017

analytics596c6b10c39ee.png

The Dollar index has broken below horizontal support at 95.50. Price is now trying back test the break out area. If the break down was real, we should see a rejection and a move lower.

Red lines -resistance

Blue lines – support (broken)

The Dollar index has bearish target of 94.70. If however we see price break above 95.50 and 95.90 we should consider the breakdown as a false one. This would be a very bullish sign.

analytics596c6b58a05de.png

Blues lines -bearish channel

On a weekly basis the RSI continues to diverge and provide warning signs. Price makes lower lows but is trading on top of the lower channel boundary. I continue to expect a bounce towards the weekly Kumo (cloud) and upper channel boundary before committing to a short position.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Technical analysis of USDX for July 17, 2017

InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Related Posts

Leave a Reply

*