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Home » Featured » US Dollar Index, Technical Analysis for November 30, 2015

US Dollar Index, Technical Analysis for November 30, 2015

Posted by FXTimes in Featured - November 30th, 2015 12:25 pm GMT

Chart setups:
The daily view presented here indicates that the rally which begun from 93.50 levels is getting over soon. The US Dollar Index is trading around 100.20/21 levels, just taking out the past resistance. The most probable wave count from here should be at least a correction towards 97.80 levels before the rally could resume. Please make note that the Index is technically poised to push through 104.00 levels. Immediate support is seen at 99.30 levels, followed by 98.50 and lower while resistance is seen through 100.60 and higher. Also note that the RSI has been holding 70 levels since quite a few trading sessions now, indicating an overbought territory, which should be corrected. The resistance turned support trend line come in around the 97.00 levels now, which should be the best entry to initiate long positions.
Trading recommendations:
Flat for now. Looking to long around 98.80 and 97.00 levels.
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