Technical analysis of USDX for January 12, 2018 888011000 110888 The Dollar index remains weak and in a bearish pattern. Rate is making new lows after we warned that a rejection at 92.60 would be a bearish indication for a move lower. There are some divergence signs in the current downward relocation so Dollar bears just need to be cautious. Breaking above 92.40 would be a bullish sign. Verification of a trend modification will come on a break above 92.60. Black line-resistance pattern line Red lines-bullish divergence signs Short-term resistance is at 92.20. Any bounce towards that level could get and discover sellers price turned down again. Breaking above 92.20 and specifically 92.40 where the black pattern line resistance is, would generate more buyers. Both MACD and RSI are revealing divergence check in the 4 hour chart. Weekly pattern remains bearish. Price is making lower lows and lower highs. Weekly resistance is at 93.20. Just a weekly close above that level could signal a pattern turnaround. Confirmation of a weekly trend reversal will come with a weekly close above 94.30. Up until then pattern is bearish and rate is heading lower towards 90. The material has been offered by InstaForex Business-www.instaforex.com

By | January 12, 2018

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