USDX exposing extended targets

In line with our previous technical comments on the USDX, prices have acted in response to the double top pattern caught on April 29 via entering the free-fall zones below 96.20.

USDX is presently moving below our detected technical objective at 93.70, accompanied by consecutive negative pressures from Parabolic SAR and coverage from moving averages.

USDX-13-05-2015-FXCOMMENT

Meanwhile, RSI14 continues to move deeper inside oversold territories, supporting the technical idea of resuming the downtrend started at 100.40.

The daily studies re-new short calls for USDX over short-term basis, aiming to challenge next classical support in the 92.60 regions, while weekly chart affirms our constructive outlook.

Amir El Araby

Co-Founder & Chief Global Strategist at FxComment.com, with 17 years’ experience in the technical analysis studies for FOREX, Commodities and Indices. Amir El-Araby worked as a mentor for many companies and institutes, where he presented new methods for trading in the financial market. Amir is a member of ESTA (Egyptian Society of Technical Analysts). Amir is also the official partner of Harmonic Trader (Mr Scott Carney) and the official instructor of harmonic trader association for Arab countries.

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