InstaForex - Analytics


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    Technical analysis of USDX for June 16, 2016

    The US dollar index pulled back towards the short-term support levels of 94.20 and the 50% retracement. This is still considered a pullback inside a bigger upside move. This scenario will be canceled, if the price breaks below 93.35.


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    Red line - resistance

    Green line - support

    Although the index initially broke above the 4-hour Kumo (cloud), the red trend line resistance proved to be strong to be broken, and the price got rejected and re-entered the cloud. The price is above the green trend line support and at the 50% retracement of the latest rise. The 61.8% is a more important support level, so even a pullback towards that level will still not cancel my bullish medium-term view.


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