US Dollar Index Technical Analysis for November 27
Posted by FXTimes in Featured - November 27th, 2015 5:54 am GMT
The daily chart view presented here is indicative of the fact that a major fibonacci extension is achieved on the higher side when prices touched the 100.20 mark recently. There is no doubt that the rally is set to continue further, but a much needed meaningful retracement is due before the next leg could resume. Almost 4 days of indecisive trading activity is also indication that a potential turn is around the corner. Bears are expected to take control anytime, till prices stay below the 100.20 levels. Immediate support is seen at 99.30 levels, followed by 98.30 and lower while resistance is seen through 100.30 levels, followed by 100.65 and higher respectively. A break below 99.30 levels is required to confirm that the index might turn around now. The RSI is also holding 70 levels, which supports the intermediary bearish view.
Watch for a break below 99.30 levels and then sell on rallies.