You are here: Home > articles > Forex > Technical analysis of the US dollar index for October 24, 2016
Technical analysis of the US dollar index for October 24, 2016
October 24, 2016 6:04 amVideo
Latest News
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
- Market Comment – Geopolitics and Fedspeak keep stocks under pressure April 17, 2024
- Technical Analysis – USDJPY on the verge of hitting 155.00 milestone April 17, 2024
- Hot forecast for EUR/USD on April 17, 2024 April 17, 2024
- Overview for the GBP/USD pair on April 17th. British inflation could weigh on the pound April 17, 2024
- Technical Analysis – NZDUSD bounces off 5-month low April 17, 2024
- Overview for the EUR/USD pair on April 17th. There is no single reason for the euro to rise April 17, 2024
- Key events on April 17: fundamental analysis for beginners April 17, 2024
- Trading plan for GBP/USD on April 17. Simple tips for beginners April 17, 2024
- Trading plan for EUR/USD on April 17. Simple tips for beginners April 17, 2024
- Technical Analysis of Intraday Price Movement of USD/JPY Main Currency Pairs, Wednesday April 17, 2024. April 17, 2024
- Technical Analysis of Intraday Price Movement of Crude Oil Commodity Asset, Wednesday April 17, 2024. April 17, 2024
Technical outlook and chart setups:
The US dollar index printed another high at 98.84 levels last week before retracing lower. The index is trading at 98.70 levels for now, looking to drop lower further towards 97.60 and 97.30 levels at least. Please also note that 97.60 is immediate support while 97.30 is the Fibonacci 0.618 support of the rally between 96.40 and 98.85
levels as depicted here. The wave structure indicates that the index has
completed 5 waves rally from 95.40 levels. It is now expected to drop lower in
a corrective manner (3 waves) towards 97.60 levels at least. It is hence
recommended to exit long positions and remain flat for now. Aggressive traders
can go short now with stop at 98.90 targeting 97.60 levels.
Immediate resistance is at 98.85 levels, while support lies at 97.60 levels.
Trading recommendations:
Remain flat for now. Aggressive
traders may want to remain short, stop at 98.90, target 97.60
Good luck!
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
Related Posts: