19.02.201511:23 Forex Analysis & Reviews: #USDX technical analysis for February 19, 2015

Long-term review

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The dollar index remains inside the trading range that we have seen for the last few days. The dollar index on the daily chart is also close to breaking the lower triangle pattern boundaries. This will be a sell signal with a possible pullback target of 92.80-93.

Blue line = support

Green line = resistance

The dollar index is still trading inside the trading range that we have seen for the last few days. The trend is neutral. There is no clear direction. Support is at 93.40 and resistance at 95.30. I prefer to wait before making a trade in such market conditions.

Black lines = triangle

The Dollar index is testing the triangle boundaries on the daily chart as shown above. The trend remains neutral. There is no clear direction in the short term. I prefer to stay neutral and buy the index if we break above 95 because the longer-term trend is bullish and my longer-term target is 100.

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