logo

FX.co ★ #USDX Technical analysis for October 31, 2014

#USDX Technical analysis for October 31, 2014

The Dollar index after back testing the break out area at 86 yesterday, has managed to stage another rally towards previous highs which are now being tested. The trend is bullish and I remain bullish following the bullish flag pattern I have posted several times before.

#USDX Technical analysis for October 31, 2014

The Dollar index has moved back above the Ichimoku cloud and after back testing the 85.20 support it bounced strongly upwards with the FOMC on Wednesday. Thursday, we saw a consolidation of this strong break out and a pull back to test the 86 break out level. Today, we see the Dollar index challenging the highs at 86.75. I remain bullish the Dollar targetig 91.

#USDX Technical analysis for October 31, 2014

Once again, I post the daily chart with the clear bullish flag formation targeting 91. The trend is clearly bullish as price is above the Ichimoku cloud and is making higher highs and higher lows. This upward move is expected to continue higher towards 91 which is my 1st target. Stop for long positions should be the 85.20 level.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account