7 Apr 2015
USD Index: wedge projects 102.150 en route to the long-held 104.500 target – Danske
FXStreet (Barcelona) - The rejection of 96.170 signals the start of a new leg higher for USD Index, views the Team at Danske Bank, while maintaining their bullish target at 104.500.
Key Quotes
“The USD index has broken higher from an approximate two-week descending wedge pattern. This formation unwound over-bought readings following the 93.250 to 100.390 up leg, within the longer-term bull structure.”
“Rejection of 96.170 marks it as a likely key higher low and the MACD has crossed positively to support/confirm the start of a fresh up leg.”
“The immediate focus is now the 19 March high at 99.463. Next resistance is at 99.797, ahead of the current multi-year peak at 100.390.”
“The descending wedge, however, projects gains through here towards the psychologically key level at 101.000 level. This, in turn, shields the key 101.790 level, the 61.8% retracement point of the major long-term 121.020 to 70.698 decline. Just above here rests the wedge’s projected target at 102.150.”
“Further out though, we maintain our long-held projected target at 104.500.”
“Immediate higher support now lies at 96.992. A break below here is needed for a retest of the 96.170 level.”
Key Quotes
“The USD index has broken higher from an approximate two-week descending wedge pattern. This formation unwound over-bought readings following the 93.250 to 100.390 up leg, within the longer-term bull structure.”
“Rejection of 96.170 marks it as a likely key higher low and the MACD has crossed positively to support/confirm the start of a fresh up leg.”
“The immediate focus is now the 19 March high at 99.463. Next resistance is at 99.797, ahead of the current multi-year peak at 100.390.”
“The descending wedge, however, projects gains through here towards the psychologically key level at 101.000 level. This, in turn, shields the key 101.790 level, the 61.8% retracement point of the major long-term 121.020 to 70.698 decline. Just above here rests the wedge’s projected target at 102.150.”
“Further out though, we maintain our long-held projected target at 104.500.”
“Immediate higher support now lies at 96.992. A break below here is needed for a retest of the 96.170 level.”