Technical Overview Of US Dollar Index [I.USDX], Gold & WTI Crude: 17.03.2017

US Dollar Index [I.USDX]

After US Federal Reserve refrained from signaling any more rate-hikes than previously said two, USD Bulls got disappointed and dragged the US Dollar Index [I.USDX] below 100-day SMA for the first time in more than six months during late-Wednesday. The greenback profit-booking did stretch through Thursday which in-turn signals the gauge’s sustained trading below important moving average and additional downside towards testing the 100.00 psychological magnet. Given the index drops further below 100.00, the 99.60 might offer intermediate halt before revisiting 99.10-20 horizontal support-zone. Meanwhile, 100-day SMA level of 100.90 continue acting as strong short-term resistance, braking which 101.30 and descending trend-line resistance of 102.10 should be watched carefully. If the gauge manages to provide daily closing above 102.10, it becomes capable to flash 102.30, 102.60 and the 103.30 upside figures on the chart.

GOLD

Gold’s break of $1204 descending trend-line mark triggered its north-run towards surpassing $1222-23 resistance-zone that indicates the yellow metal’s capacity to meet $1237-38 region. However, $1233.80 presently confines the bullion’s immediate upside before it could aim for $1238, breaking which $1243 and $1250-51 should be following figures that buyers might look for. On the contrary, a downside break of $1222 can quickly fetch the quote towards $1218.50 and then to $1211 while it’s further weakness may avail $1205, $1197 and the $1194 as rest-points. In case of the metal’s following declines below $1194, it becomes vulnerable to plunge towards $1188.

WTI CRUDE OIL

Even if the Crude prices dropped below 200-day SMA during last weekend, seven-month old ascending trend-line confined its following downside and again helped it surpass the SMA figure of $48.40. At the moment, the energy quote is aiming $49.30, breaking which $50.00 and the 100-day SMA number of $50.45 might comeback on the chart. Should buyers manage to propel the Crude beyond $50.45 on a daily closing basis, it becomes wise to expect $51.00 and the $51.60 resistances to be alive. Alternatively, the $48.40 and the aforementioned TL mark of $47.80 might restrict the price-dip; however, a daily closing below $47.80 can recall Bears to demand $46.00 and the $44.60 supports.

Cheers and Safe Trading,
Anil Panchal