11.12.201510:19 Forex Analysis & Reviews: USDX technical analysis for December 11, 2015

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The US dollar index bounced as we expected, but failed to breakout above short-term resistance. There is still a danger of seeing a new lower low in the US dollar index before a resumption of an uptrend. The longer-term chart continues to favor bulls.

The US dollar index is below the Ichimoku cloud. This is a bearish indicator. The price reached the kijun-sen (yellow line indicator) and got rejected. This resistance at 98.10 must be broken otherwise we should expect new lows towards 96.70.

The weekly chart remains above the tenkan-sen (red line indicator) and has bounced off the 50% retracement., Short-term trend is bearish but if we look at the weekly chart we still consider this as a corrective pullback, but not a change in the trend of a bigger degree.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.