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#USDX technical analysis for March 23, 2015

The Dollar index is below short-term resistance and is testing last Wednesday's lows after the FOMC meeting. The dollar is showing signs of weakness but we have a higher low formed for now. This could turn into a nice bullish reversal if bulls step in. My longer-term view remains bullish but short-term trend is unclear.

usdx.jpg

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Red line = resistance

Green line= medium-term resistance

The Dollar index made a strong upward reversal following a low after the FOMC meeting on Wednesday but resistance at 99.10 and 99.40 were not broken. The price got rejected and pulled back below the Ichimoku cloud. Short-term trend is unclear as long as we trade above 96.60. Breaking below the last Wednesday's low is likely to turn trend to bearish.

usdxd.jpg

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The weekly chart remains bullish as long as the price holds above last Wednesday's lows and the red line tenkan-sen. We got a rejection at the 61.8% retracement and we are testing support at the 50% retracement back. The next important support is at 92. Bulls need to be very cautious and I believe we could see a resumption of the uptrend after this short-term pullback.

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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