Technical analysis for USDX for February 27, 2019

The Dollar index has stopped its decline at important short-term Fibonacci retracement level. If we see a new upward move with higher highs and higher lows from the current levels, we should then expect another run higher towards 97 for the big test.

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Orange rectangle - major resistance area

Blue line - short-term trend line support

The Dollar index is making higher highs and higher lows holding above the blue trend line support. Price has stopped the decline at the 61.8% Fibonacci level and there are high chances of making a bounce from current levels. Major resistance remains at the orange rectangle area. To reach that level we first need to see a break above the short-term resistance of 96.75. Breaking above the orange rectangle will open the way for a move to 100. Support at 95.50 is critical for bulls as a break below it will open the way for a deeper decline towards 94-93.

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

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