#USDX technical analysis for May 5, 2015
May 5, 2015 8:30 amVideo
Latest News
- EUR/USD: trading plan for the US session on April 16th (analysis of morning deals). Fewer people are willing to sell euro April 16, 2024
- EUR/USD. April 16th. Bears continue to advance against the backdrop of strong US statistics April 16, 2024
- Euro, sterling extend weakness April 16, 2024
- GBP/USD. April 16th. British statistics didn’t capture traders’ attention April 16, 2024
- Technical Analysis – EURCHF ticks up after strong losses April 16, 2024
- Technical Analysis – JP 225 index tests crucial support zone April 16, 2024
- Market Comment – Stocks slide, dollar soars as rate cut bets take another hit April 16, 2024
- Forex forecast 04/16/2024: EUR/USD, USDX, Gold and SP500 from Sebastian Seliga April 16, 2024
- GBP/USD: trading tips for beginners for European session on April 16 April 16, 2024
- EUR/USD: trading tips for beginners for European session on April 16 April 16, 2024
- What’s next for markets amid Israel-Iran tensions? – Special Report April 16, 2024
- Technical Analysis – GBPUSD pulls back into the negative zone April 16, 2024
- Geopolitical developments and stronger US data push volatility to new highs across the board – Volatility Watch April 16, 2024
- Technical Analysis – AUDUSD breaks the lower bound of a sideways range April 16, 2024
- Video market update for April 16, 2024 April 16, 2024
- Hot forecast for EUR/USD on April 16, 2024 April 16, 2024
- Technical Analysis – EURUSD dives further near 1.0600 April 16, 2024
- XM 2024 Ramadan Promotion Winners April 16, 2024
- EUR/USD and GBP/USD: Technical analysis on April 16 April 16, 2024
- Key events on April 16: fundamental analysis for beginners April 16, 2024
The US dollar index is bouncing as expected towards 96 where we find the 38% retracement of the decline from 98.50 to 94.40. Bulls need to be very cautious as the short-term trend remains bearish and we could still see a new low towards 93.
Green line = neckline resistance
The US dollar index remains below the Ichimoku cloud on the 4-hour chart and this confirms the bearish short-term trend. The upward bounce could just be a corrective bounce and not a full trend reversal. Resistance is strong at 96 and then at 97-97.20 where the Ichimoku cloud and the neckline are found.
On the daily chart we see that the index is trying to test the lower cloud boundary. If the price breaks inside the cloud, the next resistance will be the price levels of 96.35 and 97.15. A weekly close above 96.50 could be a trend reversal signal. All in all, I believe that soon we will see the end of this dollar weakness and the index will start its new upward move towards 103-104.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: