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    #USDX technical analysis for March 13, 2015

    The Dollar index bounced higher yesterday but I believe the downward correction might not be over yet. The longer-term trend remains fully bullish and we should soon see the index reach 101.50. But bulls need to be cautious as we could first visit 98-97.80 before we resume higher.

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    Red line = support

    If support at 99 is broken, we should expect the price to move towards 98 and near the 38% retracement. I believe the downward correction might not be complete and bulls should be cautious as we could see another sharp decline similar to the first one from 100.

    usdxd.jpg

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    The monthly chart remains fully bullish. Despite the short-term pull back, I expect the target at 101.50 and the 61.8% retracement to be be achieved shortly. Important monthly support is at 94.50-95. As long as we trade above that level, bulls are in control.

    Alexandros Yfantis neemt deel aan de "Analyst of the Year" onderscheiding georganiseerd door MT5.com portal. Als u zijn artikel goed vindt, stemt u dan op hem.

    Uitgevoerd door, Analytische expert
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