Angel Broking has come out with its special technical report on Dollar Index (DX). "Resistance could be seen at 82.00 levels and then final resistance will be observed at 83.50 levels. Prices can find support at 80.15 levels and below that strong support is seen at 79.20 levels", says the report.
Dollar Index (DX) have clearly seen that from last couple of weeks it has been trading in the tight range of 79.70 levels to 80.80 levels but last week it has breached that range and trading above it (Check weekly chart in the pdf). As per the chart structure it breached the "Down Trend line" following with the big bullish candlesticks consecutively from last two weeks which is showing the strength. Broadly, Prices have made "Higher Top and Higher Bottom" formation after making a low of 78.91 levels in May 2014. If, we observed Dollar Index on monthly chart, we saw that it made a "Bullish Engulfing Pattern" which is also a very strong indication for change in down trend.
Indicator Analysis
Technically speaking prices are trading above its 5 and 20 weeks EMA (Exponential Moving Average) and it is showing positive crossover which is supportive for optimistic view. On the oscillator front, 14 weeks RSI is rising and currently reading at 53 and MACD is also trading in positive zone, which indicate optimism.
Key Levels
Resistance could be seen at 82.00 levels and then final resistance will be observed at 83.50 levels. Prices can find support at 80.15 levels and below that strong support is seen at 79.20 levels.
Looking at positive chart formation coupled with oscillators indicating optimism we recommend Buy in Dollar Index (DX) for the target of 82.00 – 83.00 levels.
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
To read the full report click here
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