USDX approaching support, potential bounce!

11 באפר׳ 2018

Price is approaching our first support at 89.57 (horizontal overlap support, 61.8%, 76.4% Fibonacci retracement). A strong bounce might occur at this level, pushing price up to our major resistance at 90.32 (horizontal overlap resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension). A breakout of our intermediate resistance at 90.06 (horizontal pullback resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.

Stochastic (89,5,3) is also approaching our major support and seeing a bullish divergence, a good precursor for a potential rise should it bounce off this level.

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