USDX to continue bounce towards 98.50

Λίγα intraday αλλά και εβδομαδιαία σχόλια..
June 19, 2017
Σημάδια ευεξίας και υγείας παρά τις τραπεζικές πιέσεις
June 20, 2017

Greetings everyone….as you all know I have been bullish or at least neutral the Dollar for the last couple of weeks expecting a strong bounce towards 98.50-99 (Morning analysis here). The Dollar index is mainly moving sideways since mid May and we need a break above 97.50 to confirm a short-term at least reversal that will bring us towards 98.50-99.

The main drivers in the up coming bounce will be USDJPY and EURUSD. EURUSD is unable to reclaim 1.12 and with a double short-term rejection at the cloud resistance in the 4 hour chart, I believe it is only a matter of time before we break 1.11 towards 1.10-1.09.

USDJPY has broken above important trend line resistance and is heading towards the medium-term resistance at 112-113.

NZDUSD is also at a pivotal long-term resistance area around 0.73 with rejection signs as we have been pulled back twice….0.7180 is key support, if broken we confirm reversal.

USDCAD despite Oil’s decline has fallen towards a long-term support trend line. Will it move higher with Oil and confuse traders relying on its classical inverse relationship with oil? I believe so….

AUDUSD

Posting bearish divergence signals and a double top at 0.7635, once the red upward sloping TL is broken (0.7590) we should expect to see it test the Kumo at 0.7540 at least.

GBPUSD

In a bearish channel but no bullish divergence in the daily chart. One more new low could be at hand before a meaningful move higher above 1.30.

Can’t be more clear than this….I would not be bearish Dollar here…and I prefer short EURUSD  and long USDJPY for the coming days.

Alexandros Yfantis
Alexandros Yfantis

Fascinated by financial markets, studied International Securities Investment and Banking in the UK, works as a Portfolio Manager in Greece and runs a technical analysis website. Enjoys travelling and spending time with his family and preparing for the black belt in Korean Karate.