Home Technical Analysis USDX flirting with targets
USDX flirting with targets

USDX flirting with targets

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Resuming our technical analysis series for the USDX, which we started on April 29, we see how the double top pattern was efficient enough to send the index aggressively to the downside following the breakout below 96.20.

USDX-07-05

USDX is close to the full target of our analysis along with stability below the crossover of moving averages and coverage from Parabolic SAR. However, we will close 50% of any positions taken against U.S. dollar; particularly the long positions on EURUSD due to RSI14 touching oversold areas.

Anyway, traders can renew the selling positions with a breakout below 93.70 support.

On the upside, we can close the remaining quantity if the USDX succeeds in reaching 95.25 resistance, which resides 100 pips below the entry point.

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Amir El-Araby Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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