USDX approaching support, potential bounce!
Price is approaching our first support at 89.57 (horizontal overlap support, 61.8%, 76.4% Fibonacci retracement). A strong bounce might occur at this level, pushing price up to our major resistance at 90.32 (horizontal overlap resistance, 76.4% Fibonacci retracement, 100% Fibonacci extension). A breakout of our intermediate resistance at 90.06 (horizontal pullback resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.
Stochastic (89,5,3) is also approaching our major support and seeing a bullish divergence, a good precursor for a potential rise should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (89,5,3) is also approaching our major support and seeing a bullish divergence, a good precursor for a potential rise should it bounce off this level.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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