MG Network

something big isHappening!

In the mean time you can connect with us with via:

Copyright © Money Grows Network | Theme By Gooyaabi Templates

Money Grows Network

Archive

Powered by Blogger.

Welcome To Money Grows Network

Verified By

2006 - 2019 © www.moneygrows.net

Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

Popular

Pages

Expert In

Name*


Message*

Technical analysis of USDX for November 10, 2016

The Dollar index made a big reversal to the upside yesterday following the back test of the 96.50-96 breakout area. I was not expecting such a strong bounce but at least we got the pullback. The trend is short-term and medium-term bullish as price has held above the critical support.

analytics58242ade3c5a8.jpg

Short-term support is at 98 and next at 97.40. Resistance is at 99-99.10. Price has stopped its rise at the 88.6% Fibonacci retracement which is the last Fibo level of resistance. The chance of a new high above 99 has increased but the longer-term outlook

for the US dollar remains bearish.

analytics58242b39c9c23.jpg

Red lines -important medium-term support

The Dollar index backtested successfully the Ichimoku cloud and the green trend line support. The bounce is a bullish signal implying that new high may be close. However, strong resistance remains at 99-99.50 area. Even if we make a new high, I would expect the index to reverse again. I remain bearish about the US dollar, expecting a move below 92. This scenario will be confirmed only with the break below yesterday's lows.

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