On Monday, the December U.S. Dollar Index continued to trade inside last week’s 86.13 to 84.525 range, but the lower close gives the index an early
On Monday, the December U.S. Dollar Index continued to trade inside last week’s 86.13 to 84.525 range, but the lower close gives the index an early downside bias today.
Daily December U.S. Dollar Index
The downtrending angle that stopped the rally yesterday comes in at 85.37.
The short-term range is 86.87 to 84.525. Its retracement zone is 85.70 to 85.97. If 85.37 is taken out with conviction then look for a rally into this retracement zone.
On the downside, the first support is a long-term uptrending angle from the 82.45 bottom at 84.83. Breaking this angle could trigger a break into the major 50% level at 84.66.
The pivot price formed by last week’s range is 85.33. This price is controlling the short-term direction of the market. Trader reaction to this price will set the tone for the day.
James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks.
