Major support – 99.40
Major intraday resistance – 100.15 (5- day MA)
Pattern formed – Double bottom
U.S. Dollar index declined sharply after showing a mild jump above 100 level. It is currently trading around 99.46.
The index has formed a double bottom around 99.40 and any break below confirms major weakness. Any break below 99.40 will drag the index down till 98.85 (61.8% retracement of 103.82 and 95.89)/98.54.
On the higher side, any break above 99.89 (100- day EMA) will take the index till 100.18 (5- day MA) /100.60 (trend line joining 103.82 and 102.95).
Short term bullish invalidation only below 98.
It is good to sell below 99.40 with SL around 100.05 for the TP of 98.85/98.30
Major intraday resistance – 100.15 (5- day MA)
Pattern formed – Double bottom
U.S. Dollar index declined sharply after showing a mild jump above 100 level. It is currently trading around 99.46.
The index has formed a double bottom around 99.40 and any break below confirms major weakness. Any break below 99.40 will drag the index down till 98.85 (61.8% retracement of 103.82 and 95.89)/98.54.
On the higher side, any break above 99.89 (100- day EMA) will take the index till 100.18 (5- day MA) /100.60 (trend line joining 103.82 and 102.95).
Short term bullish invalidation only below 98.
It is good to sell below 99.40 with SL around 100.05 for the TP of 98.85/98.30
