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#USDX Technical analysis for November 17, 2014

The Dollar index made a double top last week. Despite breaking above the triangle pattern, the break out was a fake one and the strong reversal brought the index at the long-term cloud support. The longer-term trend remains bullish. Price has held support at 87 and this is the only good sign as we have also broken below the upward sloping trend channel.


usdx.jpg

Red line = resistance


Black line = price channel


The Dollar index has broken below the upward sloping channel and this is not a good sign. Support by the Ichimoku cloud is holding the index above 87. The Dollar index is now trying to break above the cloud and we could see a another move towards 87.90-88 as a back test of the break out below the channel. If this is the case, we could see a strong reversal from 88 again. Only this time we should expect the downward move to break 87 and push towards 86.


usdxd.jpg

Blue line = support


The Dollar index continues to trade in a longer-term up trend. First important support is at 86.10 and a break below 87 will surely push us towards that level. The bullish flag pattern remains valid and I believe that the longer-term trend will not be in danger even if we pull back towards 86. Concluding, I remain neutral as I expect to see a rejection near 88 again and a strong reversal towards 87. If 87 is broken, the index is expected to go towards 86.10 which is critical support.


The material has been provided by InstaForex Company - www.instaforex.com