You are here:---US Dollar Index Technical Analysis on the Weekly Time Frame on 26th April 2018

US Dollar Index Technical Analysis on the Weekly Time Frame on 26th April 2018

US DOLLAR INDEX (DXY) TECHNICAL ANALYSIS

DXY on the weekly time frame and still within a downward pointing channel.

Price have been forming an ascending triangle pattern since late January this year. It is now trying to push higher and we can see that dynamic resistance in the form of 30 ema is not too far away.

We might see more bullish action in the greenback once it closes above the 30 ema.

MACD histogram is below the zero line but has turned green indicating the building up of bullish momentum. Also do take note of bullish divergence in the histogram which is telling us that there may be more gas in the up move in the greenback which may take us back up to 92.0 or higher.

CONCLUSION

We are NEUTRAL on the DXY at the moment. We are observing for more bullish momentum and signs that the greenback has bottomed before we may want to have a bias on this currency.

We hope that you have benefited from this analysis.

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Have a great trading day ahead!

Ardy Ismail

Lead Currency Strategist / Team Forexachievers

By | 2018-04-26T09:35:53+00:00 April 26th, 2018|Categories: Daily Technical Strategy, US Dollar Index|Tags: , , |0 Comments

About the Author:

Ardy is a Professional Forex Trader specializing in the Forex market. He trades using both Technical and Fundamental Analysis and mentors other traders how to trade the Forex market using proprietary trading strategies which he has developed over the years. He started investing in equities in 1999 and trading Forex in 2008. He is the founder and lead currency strategist @ Forexachievers.com

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