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US Dollar Index

11/16/2016 1:01:30 PM

The dollar index resumes the positivity approaching its highest levels since a year- Technical Analysis - 16-11-2016

The dollar index during trading today managed to continue to climb movement that approached the level of 100.88 as the highest price the index recorded last November, it comes as part of the recent bullish move initiated by the index from the level of 96.40 which coincided then with SMAs 50 and 100, which increased the bullish momentum that lasts until the current trading.


The last decline movement also coincided with the support of the SMAs 50 and 100 coinciding with 50% correction level for the drop from the level of 100.88 to the level of 91.88, but soon the index rebounded again influenced by the mentioned supports which pushed the price again rise.


It is noted of price movement over the previous trading within a harmonic positive pattern for the medium and short trading was expected to push the price for further climb in order to hit 99.85 resistance level, which represents the pattern's target , which added further positive momentum for the dollar.


Generally; the price attempts during the current trading continues to reach the 100.88 resistance level, where the stability of the price above this level will push it for further rise, which will target initially 102.15 resistance level, and the stability of the resistance 100.88 will push the price down in order to test supports, such as the level of 98.78 support and then 97.44.



Trend Bullish