Dollar Index continues up trend
July 8, 2013 7:58 amVideo
Latest News
- Analysis of EUR/USD pair on May 24, 2024 May 24, 2024
- Analysis of GBP/USD pair on May 24th. Another British report showed weakness, but who cares? May 24, 2024
- USD/JPY: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- GBP/USD: Simple trading tips for novice traders on May 24th (US session) May 24, 2024
- EUR/USD: Simple trading tips for novice traders for May 24th (US session) May 24, 2024
- GBP/USD: trading plan for the US session on May 24th (analysis of morning deals). Sellers missed 1.2700 May 24, 2024
- EUR/USD: trading plan for the US session on May 24th (analysis of morning deals). The euro is not going to give up May 24, 2024
- EUR/USD. May 24th. The bears are starting to go on the offensive May 24, 2024
- Forecast of GBP/USD pair on May 24, 2024 May 24, 2024
- Trading Signals for EUR/USD for May 24-28, 2024: sell below 1.0864 (200 EMA – 21 SMA) May 24, 2024
- Trading Signals for GOLD (XAU/USD) for May 24-28, 2024: buy above $2,333 (200 EMA – oversold) May 24, 2024
- Weekly Forex Outlook: 24/05/2024 – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
- Technical Analysis – Is the pause in NGAS a warning signal? May 24, 2024
- Technical Analysis – USDCAD eases slightly after bullish rally May 24, 2024
- Week Ahead – US PCE inflation and Eurozone CPI data enter the spotlight May 24, 2024
- Technical Analysis – GBPJPY continues its journey north May 24, 2024
- Video market update for May 24, 2024 May 24, 2024
- Forex forecast 05/24/2024: EUR/USD, GBP/USD, USD/CAD, Gold and Bitcoin from Sebastian Seliga May 24, 2024
- USD/JPY: trading tips for beginners for European session on May 24 May 24, 2024
- GBP/USD: trading tips for beginners for European session on May 24 May 24, 2024
The Dollar Index continued higher towards our targets as mentioned in previous posts. The sequence of higher highs and higher lows remains intact and validates our bullish view. The trend is up and this is confirmed by the weakness in the EUR/USD by making new lows. Don’t forget that the EUR/USD is the biggest component of the Dollar Index.
The short-term support is found at 84.35 and then at 83.95. Resistance is found at 85.45. The trend remains up for both short and intermediates term. The first worrying signs of a trend chang will be if prices fall below 83.95. The intermediate-term trend will be challenged if 83.15 is broken.
If 83.15 is broken, then we will probably see 82.25 and why not 81.75. The longer-term trend is challenged at 80. Until then we remain long and we ride the bullish trend raising our stops in order to protect our bullish positions. Any pullback towards 83.85-70 should be met with buying as this would be another opportunity to enter long. At those levels, the 83.15 stop is close by so the risk taken is not too big.
Concluding, we remain bullish as this trend has the potential to move much higher if it continues this ladder pattern of higher highs and higher lows. The longer-term stop at 80, and intermediate term stop at 83.15. We will get bearish only below 80.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: