US Dollar Index (DX) Futures Technical Analysis – November 19, 2015 Forecast

December U.S. Dollar Index futures are trading lower shortly before the regular session opening. The market is feeling pressure because of profit-taking and position-squaring in reaction to yesterday’s FOMC minutes which were deemed not as hawkish as the Fed’s monetary policy statement.

The main trend is up on the daily swing chart, however, momentum has shifted to the downside.

The short-term range is 98.50 to 99.965. Its pivot is 99.23. This level is likely to control the direction of the market today.

A sustained move over 99.23 will signal the presence of buyers. The first upside target is a short-term uptrending angle at 99.75. The next two targets are the main top at 99.965 and a long-term uptrending angle at 100.08.

A sustained move under 99.23 will indicate the presence of sellers. This could trigger a fast move into a short-term uptrending angle at 99.13.

The daily chart opens up under 99.13 with the next target a support cluster at 98.81 to 98.78.

The major support today is the Fib level at 98.78. This is the trigger point for an acceleration to the downside. Taking out 98.50 will turn the main trend to down on the daily chart. This could help fuel a steep break into the major 50% level at 97.65.

Watch the price action and read the order flow at 99.23 today. Trader reaction to this level will tell us whether the bulls or the bears are in control.