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Market Analysis

Home » Featured » US Dollar Index, Technical Analysis for November 23, 2015

US Dollar Index, Technical Analysis for November 23, 2015

Posted by FXTimes in Featured - November 23rd, 2015 8:13 am GMT

Chart setups:
The dollar index has been printing higher highs and higher lows, towards the major trend after having completed a probable wave 4 correction at sub 92.00 levels earlier. Please note that the overall larger trend remains intact and the index is poised to hit 104.00 levels in the coming sessions. We are waiting for a counter trend/corrective decline to go long again at lower levels around 96.00/97.00. The index is seen taking its own time to produce a meaningful correction, but it should be triggered ahead of 100.24 levels. Also note that the RSI is holding 70 levels for now and a dip towards 40/50 levels could be encouraging, before next rally could resume towards 104.00 levels. Immediate resistance is seen at 100.24 levels while support is seen at 98.80 levels respectively.
Trading recommendations:
Remain flat for now.
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