US Dollar Index forms golden crossover, good to buy on dips
US Dollar index breaks major resistance 98.60 and closed slightly above that level in the previous week. It is currently trading around 98.75.
The index has formed Golden Crossover (50-day MA moves above 200- day MA) and this confirms major trend reversal, jump till 100.50 (Nov 30th high) is possible.
On the lower side 97.20 (23.6% retracement of 91.92 and 98.85) will be acting as major support and any break below targets 95.85 (200- day MA)/95 in the short term. The minor support is around 98.30 (5- day MA) /98.07 (10- day MA).
The top formed at 98.85 will be acting as major resistance and any break above confirms further bullishness, a jump till 99.80 (161.8% retracement of 97.57 and 94.07)/100.50 (Nov 30th high) is possible.
It is good to buy on dips around 98.10-98.20 with SL around 97.20 for the TP of 99.80/100.50
The index has formed Golden Crossover (50-day MA moves above 200- day MA) and this confirms major trend reversal, jump till 100.50 (Nov 30th high) is possible.
On the lower side 97.20 (23.6% retracement of 91.92 and 98.85) will be acting as major support and any break below targets 95.85 (200- day MA)/95 in the short term. The minor support is around 98.30 (5- day MA) /98.07 (10- day MA).
The top formed at 98.85 will be acting as major resistance and any break above confirms further bullishness, a jump till 99.80 (161.8% retracement of 97.57 and 94.07)/100.50 (Nov 30th high) is possible.
It is good to buy on dips around 98.10-98.20 with SL around 97.20 for the TP of 99.80/100.50