US Dollar Index faces support at 89- WEMA,close below targets 95
U.S dollar index trading extremely weak compared to previous week. The index broken 89- W EMA and declined till 97.2897.33 in the week.
The jump from 91.92 to 103.82 will come to an end if it closes below 89 W EMA. Any close below 97.43 (89 W EMA) confirms major weakness, a decline till 91.92 is possible. Short term trend is still weak as long as resistance 99.89 (May 11th 2017 high) holds.
On the lower side, major near term support is around 97.33 (161.8% retracement of 98.86 and 101.34) and any break below will drag the index till 95.91 (Nov 9th 2016 low)/95.
The near term resistance is around 98.60 (support turned into resistance) and any break above will take the index till 99.25 (200 MA)/99.89.
It is good to sell on rallies around 97.35-97.40 with SL around 98.10 for the TP 95.90/95.
The jump from 91.92 to 103.82 will come to an end if it closes below 89 W EMA. Any close below 97.43 (89 W EMA) confirms major weakness, a decline till 91.92 is possible. Short term trend is still weak as long as resistance 99.89 (May 11th 2017 high) holds.
On the lower side, major near term support is around 97.33 (161.8% retracement of 98.86 and 101.34) and any break below will drag the index till 95.91 (Nov 9th 2016 low)/95.
The near term resistance is around 98.60 (support turned into resistance) and any break above will take the index till 99.25 (200 MA)/99.89.
It is good to sell on rallies around 97.35-97.40 with SL around 98.10 for the TP 95.90/95.