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Home » Featured » US Dollar Index, Technical Analysis for December 02, 2015

US Dollar Index, Technical Analysis for December 02, 2015

Posted by FXTimes in Featured - December 2nd, 2015 6:22 am GMT

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Chart setups:
The daily chart view is again presented here to keep in mind the multi month wave structure. The US Dollar Index seems to have finally produced an engulfing bearish reversal candlestick pattern yesterday, after taking out initial resistance at 100.25 levels earlier. Bears are expected to remain in control, till prices stay below 100.30 levels from here on, and produce at least a meaningful retracement towards 97.80 levels and probably lower towards 97.00 levels, before resuming its rally. Immediate support is seen at 99.35 levels while resistance is seen at 100.65 respectively. Also, the RSI is seen to be turning lower from 70 levels which supports the bearish stance. Please take note that this drop could be corrective in nature and that it should not be taken as a trend reversal.
Trading recommendations:
Short now, stop at 100.65, target is open.
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