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Market Analysis

Home » Featured » US Dollar Index Technical Analysis for December 16, 2015

US Dollar Index Technical Analysis for December 16, 2015

Posted by FXTimes in Featured - December 16th, 2015 6:52 am GMT

Chart setups:
The Daily chart presented here indicates a clear bounce from fibonacci 0.50 support levels around 97.20/30 levels. The US Dollar Index had finally produced the much awaited morning star candlestick pattern, indicating a change in the trend (prices are not updated on the above chart view). The index is seen to be trading above 98.00 levels for now and bulls remain poised to push it higher towards 101.50, 102.00 and 103.00 levels respectively. Also note that the index has bounced off the back side of the resistance trend line, which is a strong support now. Immediate support is seen at 97.20/30 levels, followed by 96.40 and lower, while resistance is seen through 99.00 levels, followed by 100.00/50 and higher respectively. Also the RSI has jumped off from 30 levels, which indicates a bullish setup might be under way.
Trading recommendations:
Long now, stop at 96.40, take profit at 101.50 and 102.00.
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