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2/23/2016 3:41:43 AM

U.S. dollar index readies to attack a pivotal resistance - Technical Analysis - 23-02-2016



The U.S. dollar index kept rising in the short term, reaching the pivotal resistance of 97.57, representing the ratio 50% of Fibonacci retracement levels for a descending wave in the short term (from 99.87 to 95.17), exposing itself to negative pressure that led it lower as it tries to garner some positive momentum that would help it attack that level, with ongoing positive pressure from the SMA50, while noting that relative power indicators have reached extremely oversold levels compared to the index's upward movements.

Therefore we expect the index to rise in the coming trading, but it has to confirm that first by breaching the resistance of 97.57, attacking thereafter the next resistance at 98.11, representing the ratio 61.8% of the same retracement levels mentioned earlier.


Target
Risk


Support
Resistance


Trend Bullish

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