Technical Analysis of the US Dollar Index for December 07, 2016.
December 7, 2016 6:33 am
Technical outlook and chart setups:
The US Dollar Index is seen to be retracing lower after having printed highs at 102.05 levels on November 23, 2016. Please note that the index has not hit fresh highs on Monday while its counterpart EUR/USD has printed a fresh high. This already is seen as a divergent scenario and price may still continue retracing. Please note that the index seems to form a bottom around 99.70 levels going forward. The index looks to be into its last corrective leg that began from 101.50 levels earlier this week. Furthermore, it is seen to be reacting in a bearish manner from fibonacci 0.382 resistance level of wave 3 as depicted here. Immediate resistance is seen at 100.70 levels, while support is at 100.00 levels respectively.
Trading recommendations:
Remain short with stop above 100.80, with target of 99.70 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
Technical outlook and chart setups:
The US Dollar Index is seen to be retracing lower after having printed highs at 102.05 levels on November 23, 2016. Please note that the index has not hit fresh highs on Monday while its counterpart EUR/USD has printed a fresh high. This already is seen as a divergent
scenario and price may still continue retracing. Please note that the index
seems to form a bottom around 99.70 levels going forward. The index looks to be
into its last corrective leg that began from 101.50 levels earlier this week.
Furthermore, it is seen to be reacting in a bearish manner from fibonacci 0.382
resistance level of wave 3 as depicted here. Immediate resistance is seen at
100.70 levels, while support is at 100.00 levels respectively.
Trading recommendations:
Remain short with stop above
100.80, with target of 99.70 levels.
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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