InstaForex - Analytics

    InstaForex

    694.50 6.50/10
    61% of positive reviews
    Real

    Ichimoku indicator analysis of USDX for February 24, 2016 2016-02-24

    The Dollar index remains inside the bullish channel and has reached the 50% retracement thus far. Next important resistance is the 61.8% Fibonacci retracement. There are increasing chances of a bearish reversal but if we close this week above 98, then bulls will be back in control of the trend with stronger chances of making new highs towards 102-103.

    analytics56cd60d6196ac.jpg

    Show full picture

    Price is in a short-term bullish trend as long as we are above 97.10. Price has broken above the Ichimoku cloud and is testing the 50% retracement. Next resistance at 98. Bulls should be very cautious as this up trend can terminate any time now. On the other hand, bears should not try to front run the market as the weekly chart below suggests that there are equal chances of a new up trend starting.

    analytics56cd62ae1ff54.jpg

    Show full picture

    To leave a comment you must or Join us


    By visiting our website and services, you agree to the conditions of use of cookies. Learn more
    I agree