You are here: Home > articles > Forex > Dollar index maintains bullish trend, but near top (July 10, 2013)
Dollar index maintains bullish trend, but near top (July 10, 2013)
July 10, 2013 9:28 amVideo
Latest News
- Trading Signals for GOLD (XAU/USD) for April 19-22, 2024: sell below $2,395 (+2/8 Murray – overbought) April 19, 2024
- USD/JPY: Simple Trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- EUR/USD: Simple trading tips for novice traders on April 19th (US session) April 19, 2024
- GBP/USD: trading plan for the US session on April 19th (analysis of morning deals). The pound is trying to regain its advantage April 19, 2024
- EUR/USD: trading plan for the US session on April 19th (analysis of morning deals). The euro compensated for the losses April 19, 2024
- Storm in a teacup: EUR/USD analysis April 19, 2024
- Video market update for April 19, 2024 April 19, 2024
- Eurozone PMIs eyed as euro’s focus turns to rate cuts beyond June – Preview April 19, 2024
- Technical Analysis – NZDUSD falls to fresh 5-month low April 19, 2024
- EUR/USD. April 19th. Bostic, Fed: the rate cut will happen at the end of the year April 19, 2024
- Forecast for GBP/USD pair on April 19, 2024 April 19, 2024
- Weekly Forex Outlook: 14/04/2024 – US GDP and BoJ decision on top of next week’s agenda April 19, 2024
- Market Comment – Safe havens jump as Israel retaliates against Iran April 19, 2024
- Technical Analysis – USDCAD puts rally on hold near 1.3800 caution zone April 19, 2024
- USD/JPY: trading tips for beginners for European session on April 19 April 19, 2024
- GBP/USD: trading tips for beginners for European session on April 19 April 19, 2024
- EUR/USD: trading tips for beginners for European session on April 19 April 19, 2024
- Supercharged US dollar turns to GDP growth data – Preview April 19, 2024
- Technical Analysis – USDCHF remains in bullish structure April 19, 2024
Dollar index has broken above the resistance of 84.36. As we mentioned yesterday, for bulls to regain momentum, prices needed to break above 84.36. If that were to happen, a new high would be expected. And so it did. Prices moved sharply higher towards 84.75 and made a new high. Prices held support at 83.95 yesterday and confirmed our upward sloping channel support.
Selling pressures today push the index lower towards the support of the 34 candlestick MA at 84.40. We could see another test of the upward sloping channel support today at the 84.25-15 price level. The 84.12 low is important support for the short term up trend. Bears will need at least to break this level for any chance of an intermediate top to be increased. We still believe that bulls should be very cautious as the rally from 80.50 seems that is losing momentum and the start of a bigger degree correction is near.
Concluding, we prefer raising stops at 84 price level. We believe that if broken, prices will move towards at least the 38% Fibonacci retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: