#USDX analysis for November 18, 2013
November 18, 2013 12:30 pmVideo
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
The Dollar index did not manage to break above 81.30 and 81.50 and continued its negative slope corrective pattern making lower lows and lower highs in the short term. Prices remain inside a short-term downward sloping trend channel, and unless prices break above it, the downward correction could continue towards 80.50.
Prices are being supported as long as they trade inside the green area shown in the chart above. The downward move from the highs is definately not impulsive as the overlapping structure of the decline implies correction. The end of the downward correction will be confirmed once prices break above 81.25. When that happens, we should expect the highs at 81.50 to be challenged.
Prices are taking a downward slope in the daily chart and that puts pressures on the short-term trend. Daily support is found at 80.50 and at 80.15. Resistance is found at 81.40-50. Breaking above that level will confirm the end of the correction and start of a new upward move towards 82.50. We remain neutral in the short term. We will change to long if prices break above 81.30. The longer-term view remains bullish, as long as prices trade above 79 with 84-86 target.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: