U.S. Dollar IndexShort
USDX reached resistance target perfectly, potential for reversal
USDX reached our first resistance perfectly at 90.52 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, Elliot wave structure). A strong reaction might occur below this level, pushing price down to our major support at 89.96 (horizontal swing low support, 38.2% Fibonacci retracement) which coincides with our short term descending resistance-turned-support line.
Stochastic (55,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (55,5,3) is also approaching our major resistance and a reaction off this level might be a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Come join us today at : easymarkets.com/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.