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#USDX technical analysis for March 25, 2015

The Dollar index is now at important medium-term support. My last buy signal was in late February when the USDX has broken out of a consolidating triangle at 95 and we are now at the 61.8% retracement of that move.

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Although the index is found below the Ichimoku cloud, it finds support at the 61.8% retracement where the green rectangle area is shown. I believe that if the longer-term bullish trend of the Dollar index is to continue, the Dollar index should reverse upwards from current levels with targets above 101.

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On the weekly chart as shown above, the Dollar index is holding above the tenkan-sen support. This is important support and I believe that we could see an upward reversal from this area. The longer-term trend remains bullish and I believe that we can go above 100 again. If however the USDX does not reverse from current levels, we could see a deeper correction towards 92 over the coming weeks.

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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