#USDX Technical analysis for November 3, 2014
November 3, 2014 10:15 amVideo
Latest News
- Technical Analysis – GBPCAD hits a wall but bulls not ready to give up April 17, 2024
- Trading Signals for Ethereum (ETH/USD) for April 17-19, 2024: sell below $3,125 (21 SMA – 2/8 Murray) April 17, 2024
- Analysis for the EUR/USD pair on April 17th. Jerome Powell didn’t help the dollar much April 17, 2024
- Analysis for GBP/USD pair on April 17th. British inflation overtakes American inflation April 17, 2024
- USD/JPY: Simple Trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- EUR/USD: Simple trading tips for novice traders on April 17th (US session) April 17, 2024
- GBP/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURUSD takes a breather after sharp tumble April 17, 2024
- Market continues to price in a plethora of rate cuts for 2024 – Special Report April 17, 2024
- EUR/USD: trading plan for the US session on April 17th (analysis of morning deals) April 17, 2024
- Technical Analysis – EURGBP maintains bearish bias amid pennant formation April 17, 2024
- EUR/USD. April 17th. Jerome Powell supports the dollar April 17, 2024
- GBP/USD. April 17th. Inflation in Britain is falling, but not as much as the market wants April 17, 2024
- Tesla Q1 Earnings: Poor deliveries point to disappointing results – Stock Markets April 17, 2024
- Video market update for April 17, 2024 April 17, 2024
- Forex forecast 04/17/2024: EUR/USD, GBP/USD, Gold, Bitcoin and Ethereum from Sebastian Seliga April 17, 2024
- Technical Analysis – Gold struggles to jump above 2,400 April 17, 2024
- GBP/USD: trading tips for beginners for European session on April 17 April 17, 2024
- EUR/USD: trading tips for beginners for European session on April 17 April 17, 2024
The Dollar index remains in a strong up trend and has broken as expected towards new highs. The bullish flag pattern that I noted a couple weeks ago is progressing according to the plan and should bring the index towards 91. Dollar strength is evident and pull backs should be treated as buy opportunities.
The Dollar index remains in a strong up trend in the short-term chart as shown above. Price is above the Ichimoku cloud and all cloud indicators remain bullish. Short-term support is found at 86.75 and at 86.25. A pull back towards 86.75 should not be ruled out as this was the previous high. So after making a new higher high, we could see a back test of the break out area.
Orange line = previous high broken
The Dollar index remains fully bullish in the daily chart as well. The bullish flag is unfolding and I expect the longer-term trend to remain strong and push the index towards our target of 91. A back test of the break out area and the previous high at 86.75 is possible and should be bought. Stop for longs should be the 85 level in case the new high was a fake break out. I give little or no chances for this scenario but in every case we should protect our positions.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: