DXY Forecast and Trade setup for the week ending 22nd August, 2014

DXY Forecast and Trade setup for the week ending 22nd August, 2014

Weekly Chart

• MACD is pointing north and staying above the bullish line
• Although there are a shooting star candle, the body did not close in the body of the previous candle, therefore it is not a clear signal for a trend reversal as yet (Neutral)

Daily Chart

• Rising Macd also shown on the daily chart, however there is a cross which possible could signal some correction before another leg up perhaps
• Ascending Channel
• Next Key Resistance is around 82.50 where its the 61.8 and previous supply and demand zone

Hourly Chart

• We see a negative divergence in both MACD and RSI
• Support should hold at the confluence area of Weekly S3 Pivot, Monthly PIvot and fib 38.20

Outlook Trade opportunity

Buy Limit at approx 80.90-81

Risk Level LOW

Tips -

Always take note of any economical news event on our provided calender below