US Dollar Index (DX) Futures Technical Analysis – Rapidly Approaching December 16, 2014 Bottom at 88.067
March U.S. Dollar Index futures are trading lower at the mid-session, however, the market has clawed back most of its earlier loss. Buyers started to come in as the market approached three key bottoms at 88.385, 88.255 and 88.067.
Daily Technical Analysis
The main trend is up according to the daily swing chart. However, momentum has shifted to the downside. A trade through 88.385 will change the main trend to down. This could trigger a break into the January 25 main bottom at 88.255 and the December 16, 2014 main bottom at 88.067.
Daily Technical Forecast
Based on the current price action, the key uptrending Gann angle to watch into the close is 88.12.
A sustained move over 88.12 could drive the index higher into the close. The nearest resistance is a price cluster at 89.19 to 89.21.
A sustained move under 88.12 will signal that the selling is getting stronger. The first target angle comes in at 88.49. This is the last potential support angle before the previously mentioned main bottoms.
This article was originally posted on FX Empire
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