#USDX Analysis for October 10, 2013
October 10, 2013 9:45 amVideo
Latest News
- Trading plan for EUR/USD on April 22. Simple tips for beginners April 22, 2024
- Forecast for EUR/USD on April 22, 2024 April 22, 2024
- Forecast for GBP/USD on April 22, 2024 April 22, 2024
- Forecast for AUD/USD on April 22, 2024 April 22, 2024
- 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
The Dollar index is testng intermediate-term trend resistance at 80.60-70. The upward move from the lows is impulsive and it unfolds as if there is high probability that the longer-term trend is changing and that we are in a big reversal level.
Our target of reaching 80.60 has been achieved and as shown in the chart above we have reached a strong resistance level. The upward move is still in three waves from 79.62. We need to see a small wave 4 towards 80.40 and then a new upward move towards new highs to complete 5 waves upwards. If prices go below the 80.18 high, there will be an overlap in the price pattern. If that happens then bulls should be very careful with a potential pull back towards the blue upward sloping trendline that supports this trend.
The daily chart confirms the increased probabilities that a trend reversal could be near, as the recent high at 80.70 is being challenged. Breaking above that level and completing 5 waves up from the low at 79.62 will be bullish for the index and will have 81.50 as target after prices make a downward corrective move. Concluding, we remain bullish with targets above 80.70 in the short term. A pullback towards 80.40-50 is very possible to complete wave 4 of the upward move that started at 79.62. We remain bullish.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: