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FX.co ★ Technical analysis of USDX for March 20, 2017

Technical analysis of USDX for March 20, 2017

The Dollar index remains in a bearish short-term trend after the rejection last week from 102.30 and the break below 101. The Dollar index is most probably heading lower towards 99.50 where the neckline support is found.

Technical analysis of USDX for March 20, 2017

Blue lines - divergence trend lines

The Dollar index is showing bullish reversal signals on the 4-hour chart. Price could bounce today higher but this will most probably be a selling opportunity. The bounce could reach the 101 level.

Technical analysis of USDX for March 20, 2017

Red line - resistance

Black line - neckline

Green line - long-term support

Short-term support is at 99.88 and resistance at 101. Longer-term support is at 99.25 and resistance at 102.30. We could still be forming the right hand shoulder as per the bearish scenario of a Head and Shoulder pattern. If price breaks below 99, we should expect the Dollar index to reach 96.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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