USDX Technical Analysis for March 3, 2016
The Dollar index continues to trade inside the upward sloping channel. With Non-Farm Payrolls expected to be announced tomorrow, any prediction is dangerous and traders should better stay on the sidelines.
Blue lines -bullish channel
The Dollar index is trapped between the 61.8% and the 78.6% Fibonacci retracement levels. Price remains above the Ichimoku cloud and is making higher highs and higher lows. Short-term trend is bullish as long as price is above 97.80.
The weekly chart shows that the current week is balanced between bulls and bears, most probably waiting for the NFP numbers tomorrow. A lower high relative to 99.80 and a break below the kijun- and tenkan-sen indicators will be a bearish sign that will push the index towards the Kumo (cloud). On the other hand a break above 99.80 will confirm bullish trend and that pull backs should be bought.
The material has been provided by InstaForex Company - www.instaforex.com
