US Dollar Index Analysis December 2016 (W)

The US Dollar Index has hit new highs so let’s update the weekly chart to see how things stand.
 

USD DOLLAR INDEX WEEKLY CHART 

 
The 5 point broadening top now just needs the final point 5 high. I’m not expecting it imminently the pattern setup is there.
 
The Bollinger Bands show price hugging the upper band and should any correction occur at this stage I favour it finding support at the middle band.
 
The Fibonacci Fan shows the 50% angle providing solid support for the past six months. The recent low was bang on that angle again and price has now finally traded back above the 38.2% angle
 
The 100 weekly moving average (red) has also been a good support area.
 
The RSI is in oversold territory but there is still room to go higher.
 
The MACD indicator is bullish and doesn’t look in a hurry to go bearish.
 
Summing up, while there may be some small corrections I remain bullish for the time being.
 
 

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Disclaimer

All information contained in this website is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors. Put simply, it is JUST MY OPINION.

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