#USDX Technical analysis for October 20, 2014
October 20, 2014 9:40 amVideo
Latest News
- Bank of Japan is trapped and increasingly dependent on the Fed’s stance. Overview of USD/JPY May 2, 2024
- Trading Signals for GOLD (XAU/USD) for May 1-2, 2024: buy above $2,290 (21 SMA – 4/8 Murray) May 1, 2024
- Technical Analysis – US 500 index might hit lower levels after Tuesday’s slump May 1, 2024
- Technical Analysis – NZDUSD falls back towards 5-month low May 1, 2024
- Technical Analysis – USDJPY erases losses, but risks remain May 1, 2024
- Video market update for May 01, 2024 May 1, 2024
- What do Q1 earnings hold for Disney’s stock? – Stock Markets May 1, 2024
- Will the post-FOMC jobs report move the dollar? – Preview May 1, 2024
- Forex forecast 05/01/2024: EUR/USD, GBP/USD, USD/JPY, SP500 and Oil from Sebastian Seliga May 1, 2024
- Market Comment – Dollar enjoys a bid; stocks concerned about a hawkish Fed May 1, 2024
- Technical Analysis – Gold seeks safety after Tuesday’s drop May 1, 2024
- Technical Analysis – USDJPY stabilizes a tad below 160.00 May 1, 2024
- Video market update for April 30, 2024 April 30, 2024
- Analysis of the EUR/USD pair on April 30, 2024 April 30, 2024
- Analysis of the GBP/USD pair on April 30th. Last chance for the dollar April 30, 2024
- GBP/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- EUR/USD: Simple trading tips for novice traders for April 30th (US session) April 30, 2024
- GBP/USD: trading plan for the US session on April 30th (analysis of morning deals). The pound is kept within the side channel April 30, 2024
- Could Monday’s intervention turn the tide for the yen? – Special Report April 30, 2024
- EUR/USD: trading plan for the US session on April 30th (analysis of morning deals). The euro is trying to end the month on April 30, 2024
The Dollar index remains inside the long-term upward sloping price channel but the short-term trend has reversed and a pull back has started. Price is trending lower with lower highs and lower lows. Support at 84 is the first big test for Dollar bulls.
Price remains below the Ichimoku cloud in the 4 hour chart so trend remains bearish. The bounce off the lower channel boundaries should be short-lived as price is expected to find strong resistance at the downward sloping Ichimoku cloud near 85.50. The rejection expected at that area should push the Dollar index towards 84 to complete the downward correction.
In the daily chart we see the downward reversal unfolding and price remains below the resistance trend line while the tenkan-sen is about to cross the kijun-sen which in Ichimoku cloud terms this is a bearish signal. This could signal the final push towards the 38% retracement or even lower towards the cloud support at 83.70. In generall I believe the longer-term trend will remain bullish and since the Dollar index has broken out of important weekly and monthly resistance levels, any pull back should be seen as a buy opportunity.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: