The Dollar index trapped inside Fibonacci price range.

The Dollar index had a strong week as price bounced off key Fibonacci support at 98.20 all the way to 100.85 where the rise stopped at another important Fibonacci resistance area. Longer-term trend remains bullish and as long as price is above 94.60 bulls remain in control.

Orange rectangle – support

Red rectangle – resistance

The Dollar index has stopped its rise just above the 50% Fibonacci retracement of the recent decline from 103 to 98.29. Breaking above the red rectangle resistance would be an important bullish sign that will increase the chances of seeing a move above 103. Despite the bearish divergence in the RSI in the Daily chart, as long as price is above 98.20 the chances of making a higher high above 103 remain high. If price breaks below the orange rectangle the chances of approaching the 95-94 level will increase dramatically. If at the start of next week we see a rejection of price around the red rectangle then we should expect a pull back towards the orange support area.

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

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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