US Dollar index has broken the triple bottom at 96.80 and declined till 96.65. It is currently trading around 96.91. Short term trend is still weak as long as index not able to break above 97.80 (21 day EMA). The index h…
US Dollar index has broken the triple bottom at 96.80 and declined till 96.65. It is currently trading around 96.91.
Short term trend is still weak as long as index not able to break above 97.80 (21 day EMA). The index has shown a huge decline from the high 103.82 and downside capped by 61.8% fibo at 96.40 and bearish continuation can be seen below that level.
The near term resistance is around 97.80 (21 – day EMA) and any close above will take the index till 98.60 (support turned into resistance)/ 99.46 (200 MA)/99.89.
On the lower side, major near term support is around 96.40 (61.8% fibo) and any break below will drag the index till 95.91 (Nov 9th 2016 low)/95.
It is good to sell on rallies around 97.25-97.30 with SL around 97.80 for the TP of 96.40/95.90.
