Technical analysis of USDX for March 20, 2014
March 20, 2014 5:25 amVideo
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The Fed said it will reduce
bond buying to $55 billion per month, split as $25 billion MBS and $30 billion
Treasuries. As some had expected, the central bank dropped the 6.5 percent
jobless rate threshold as a factor in determining future interest rate path.
The Fed said it will assess its progress toward reaching its goals on
unemployment and inflation when determining the time to raise rates.
Technical view-
The US dollar jumped yesterday. The price was consolidating near the lower levels for 4 consecutive days and jumped
to higher levels. In our previous report dated March 18, 2014 we recommended a
buy call for the targets of 80.12, 80.40, and 80.75. We are still recommending going long
on a positional basis.
Positional view-
The price is
facing resistance at 40EMA, 80.12; when it crosses this level, we will see 80.37(50SMA) and 80.75(200EMA)
in the near term. RSI and stochastics are supporting my view. A day close above the level 80.37 will confirm that bulls are back on track, and a day close above the level 80.75 (200EMA) will indicate a completed trend reversal towards higher levels at 81.32-81.39, and 81.46.
On the downside, if the price breaks the 79 mark, it will
drift to 78.90, 78.6, immediately, which is a buyers’ corner.
S1 79.60 R1 80.11
S2 79.27 R2 80.38
S3 78.60 R3 80.75
Intraday-
The price is facing strong
resistance at 200EMA (80.05), and daily momentum indicators do not favour to enter
longs at current market price. Please wait for a dip towards 79.9-79.60 and
enter longs.
S1 79.59 R1 80.05
S2 79.27 R2 80.12
The material has been provided by InstaForex Company – www.instaforex.com
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