The Dollar index reached our target of 94.70 and is bouncing. Is this the end of the decline? Is the Dollar index going to make a strong bounce?Technically it has all the necessary conditions to do so but trend remains bearish. There is no reversal sign yet.
Red line – resistance
Blue line -support (broken) resistance now
The Dollar index reached the 100% extension of the rejection to lows move. Price is below both the tenkan- and kijun-sen making lower lows and lower highs. Trend remains bearish. Support is at 94.70 and next at 94.05. Resistance is at 94.90 and next at 95.25.
Blue lines – bearish channel
On a daily basis, price is inside the bearish channel and below both the tenkan- and kijun-sen indicators. Trend is clearly bearish. The oscillators are in oversold territory and a bounce towards 97 is justified if not higher. Daily resistance is at 95.40-96.15. Breaking above these two levels could change short-term trend to bullish and push price towards 97-98.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The Dollar index reached our target of 94.70 and is bouncing. Is this the end of the decline? Is the Dollar index going to make a strong bounce?Technically it has all the necessary conditions to do so but trend remains bearish. There is no reversal sign yet.
Red line – resistance
Blue line -support (broken) resistance now
The Dollar index reached the 100% extension of the rejection to lows move. Price is below both the tenkan- and kijun-sen making lower lows and lower highs. Trend remains bearish. Support is at 94.70 and next at 94.05. Resistance is at 94.90 and next at 95.25.
Blue lines – bearish channel
On a daily basis, price is inside the bearish channel and below both the tenkan- and kijun-sen indicators. Trend is clearly bearish. The oscillators are in oversold territory and a bounce towards 97 is justified if not higher. Daily resistance is at 95.40-96.15. Breaking above these two levels could change short-term trend to bullish and push price towards 97-98.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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