USDX flirting with targets
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 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.