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    USDX technical analysis for February 29, 2016 2016-02-29

    The Dollar index has finally reached the 61.8% Fibonacci retracement resistance and is pulling back. The short-term trend remains bullish but we might see a pause for a couple of days before price resumes the bullish trend.

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    Price remains inside the upward sloping channel and above the Kumo (cloud). Price is also above the kijun- and tenkan-sen indicators confirming that trend remains in short-term bullish trend. However, the reversal at the 61.8% Fibonacci retracement resistance is the first bearish sign. Bulls need to be very cautious as there are increased chances we break the bullish cloud and touch cloud support at 97.10.

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