InstaForex - Analytics


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    USDX technical analysis for November 24, 2015

    The US dollar bulls might still be in control of the trend, but momentum is declining. I would expect more enthusiasm once we have broken above the recent high, but it seems a correction is needed there first before more buyers can make a real push above the level of 100.


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    Red lines - stochastic bearish divergence with new highs

    The US dollar index remains in a bullish trend as the price is above the Ihcimoku cloud and above both the tenkan- and kijun-sen indicators. Also, the price is trading inside a bullish channel. However, bulls need to be very cautious as we observe divergence signals in the stochastic.


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    No change are seen in the weekly chart. Support is found at 98.75. If it gets broken, we expect a pullback towards the kijun-sen (yellow line indicator) and towards the 38% Fibonacci retracement. The trend remains bullish. The price is still above cloud. However, bulls need to be very cautious and protect their positions.

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