Dollar index extends the climb and hit the target - Technical Analysis - 14-11-2016
The dollar index during last week's trading continued the expected climb to close last Friday's trading at 98.98 level, and then continued its bullish movements at the start of trading this week, trading around the 99.85 resistance level during the current trading, comes after trading near the support level of 96.40 that coincided with the support of the bullish channel that the price moves within its range since last May.
The last decline movement also coincided with the support of the SMAs 50 and 100 coinciding with 50% correction level for the drop from the level of 100.88 to the level of 91.88, but soon the index rebounded again influenced by the mentioned supports which pushed the price again rise.
It is noted of price movement over the previous trading within a harmonic positive pattern for the medium and short trading was expected to push the price for further climb in order to hit 99.85 resistance level, which represents the pattern's target , which added further positive momentum for the dollar.
Generally; the price attempts continues during the current trades to pass the 99.85 resistance level, which if achieved; the price will target the next resistance at 100.88, but the price's stability below the current resistance will push it to try to retest the support level 98.78 initially.