US Dollar Index, Technical Analysis for November 25
Posted by FXTimes in Featured - November 25th, 2015 4:11 am GMT
A daily chart setup has been presented here to review the immediate as well as intermediary wave counts. The wave structure is indicating that the rally (presumable beginning of wave 5), from sub 92.00 levels has completed through its fibonacci 1.618 extensions for now, just around the 100.00 levels. Hence a pullback is expected at least towards 97.70 levels, which is also the fibonacci 0.382 support of the rally between 93.85 and 100.00 levels respectively. The US Dollar Index is trading around 99.43 levels for now and it needs to break at least below 98.75 levels to confirm that the correction towards 97.70 levels is underway. Immediate resistance is seen through the 100.00 levels while support is seen through 98.75 levels, followed by 98.50 and lower respectively. Also the RSI which is holding 70 levels for now, indicates that a correction would be healthy for the rally to resume later.
1. Aggressive: Short now, stop above 100.05, target 97.70
2. Conservative: Flat now, watch for a break below 98.75 at least.