The Dollar Index attempts to recover its losses – Technical Analysis – 19-10-2015

The US Dollar index rose recently attempting to recover some of the losses that it suffered after breaking the rising wedge’s support line, retracing the dominant bearish trend on the intraday basis, while the moving average 50 continues to push negatively, and the index reached 94.69 resistance level that represents 50% Fibonacci for the short term bullish wave measured from 92.52 to 96.87, along with negative divergence coming from stochastic.

Therefore, we expect the index to fall again on the intraday and short term basis, especially after settling below 94.69 level, to be pushed by the negative pressures and target 94.18 support level.