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3/3/2016 3:08:29 AM

U.S. dollar index tries to gather momentum - Technical Analysis - 03-03-2016

The U.S. dollar index fell in the intraday levels, as traders took profits of the past short-term rises while the index tries to gather positive momentum that'd help it rise again to attack the important resistance of 98.51, representing the ratio 61.8% of Fibonacci retracement levels for a descending wave in the short term (from 99.87 to 95.17), with ongoing positive buoyancy from the SMA for the last 50 days period, with the index leaning on it in the recent trading, while the last dip comes as the index tries to vent off the overbought saturation apparent in relative power indexes.

Therefore we expect the index to rise in the coming trading, as long as it breaches the resistance of 98.51, targeting the next resistance at 99.28, representing the ratio 76.4% of the same retracement levels mentioned earlier.



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