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    #USDX technical analysis for March 6, 2015

    The US dollar index remains in a strong bullish upward trend in all time frames. The latest buy signal was given with the breakout of the triangle pattern at 95. We are currently making new 11-year highs above 96 and we have also broken the 50% retracement of the decline from 2001.


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    Orange area = support

    The US dollar index continues to make higher highs and higher lows. The trend remains fully bullish. The price is above the Ichimoku cloud and the tenkan-sen and kijun-sen indicators. The price made a sharp pullback towards the tenkan-sen at 95.85 yesterday and reversed back upwards after the speech by Mario Draghi. Let's not forget that the major component of the index is the EUR/USD pair. Support is at 96-96.20 for the short term.


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    The monthly chart is also fully bullish. As long as the price is above 94, the trend will remain bullish. The price has also broken the 50% retracement of the decline to 2008 from 2001. We are now heading towards the next big resistance at the 61.8% retracement or the price level of 100-101.

    Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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