logo

FX.co ★ Technical analysis on USDX for May 14, 2018

Technical analysis on USDX for May 14, 2018

The Dollar index reversed as expected and made an important top last week. Price is moving lower at least for a correction of the rise from 89.23. Short-term trend has changed to bearish as the price is expected to move at least towards the 38% Fibonacci retracement at 91.85.

Technical analysis on USDX for May 14, 2018

The Dollar index is pulling back. Short-term trend is bearish as the price is making lower lows and lower highs. The Dollar index has important daily support at 91.85 where we find the 38% Fibonacci retracement. I expect this target to be achieved maybe even this week. However, there are a lot of chances of a move even towards lower than Fibonacci levels. A bounce and full scale reversal is then expected. The deeper the correction, the less chances of a big upward reversal next. Until then, we remain bearish looking for a move below 92-91.80.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
Go to the articles list Go to this author's articles Open trading account