Forex Analysis: 20 Mar 2017, 07:20 UTC+00

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.

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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.

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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.


Performed by
analytical expert: Alexandros Yfantis
InstaForex Group © 2007-2017
 Published: 20 Mar 2017, 07:20 UTC+00

 
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