US Dollar Index (DX) Futures Technical Analysis – November 30, 2015 Forecast

December U.S. Dollar Index futures inched higher earlier in today’s pre-market session. The market traded through last week’s high at 100.23, but the move failed to attract any fresh buying. Later today, investors will get the opportunity to react to the latest reports on Chicago PMI and Pending Home Sales.

The main trend is up according to the daily swing chart. The new main bottom is 99.365. A trade through this level will turn the main trend to down.

Based on Friday’s close at 100.07, the first key angle to watch is the uptrending angle at 100.12. Trader reaction to this angle will determine the direction of the market today.

A sustained move over 100.12 will signal the presence of buyers. The next target is today’s intraday high at 100.28.

Taking out 100.28 with conviction could fuel an acceleration to the upside with the next major target a steep uptrending angle at 100.55. Overtaking this angle will put the index in an extremely strong position.

A sustained move under 100.12 will indicate that presence of sellers. This could trigger a break into a near-term uptrending angle at 100.00.

The daily chart opens up to the downside under 100.00 with the next likely target a pair of uptrending angles at 99.74 and 99.67.

Watch the price action and read the order flow at 100.12 today. Trader reaction to this level will tell us whether the bulls or the bears are in control.