Dollar Index DXY is sitting on critical support, a break below 91.00 opens the door to 88.50 which is a confluence of:
1) 61.8 fib of the from 78.97 to 103.57 = 88.50
2) it is also the 1.272 fib retracement from 91.98 to 103.57
3) 88.50 area has also acted as previous resistance on 2 occasions and is the break out point
I believe DAX is in a bullish market looking at the top 30 German companies however my indicators and technical analysis are telling me that the market is now turning bearish so it looks like it could be a short term long position then a short term position.
The UK FTSE100 Index remains strong, but gains are expected to continue to prove difficult to maintain.
Overbought studies and negative divergence on the bearish Tension Indicator (not shown) are adding pressure to bullish sentiment, with any initial tests of the 7500/11 barrier to prove difficult to sustain.
Risk/reward is for a short-term corrective pullback,...
Dollar index on the daily chart is showing that it is oversold on the RSI so i am expecting to see a pullback from the recent sell off, we may be looking to reach the hourly swing low fib of 0.382 target 101.13
The dollar index on the daily chart you can see that we are now in a key area where it is testing resistance from February and November 2015, due to recent results from the US raising interest rates this has caused concern for investors and we have seen a big sell off, I believe we may see a big sell off again after the pullback to 99.26 0.382 fib or even gain...
Entering short is possible from 6850 resistance area or after hourly close below red trendline at S2 level 6800. The following support zones for the index are 6770 and 6740 (as described in 4H chart).
Once FTSE 100 falls below 6740, we'll have extra short potential down to 6660.
8726 level support has a bullish candle confirming my bullish bias, the perfect buy would of been at the 856 level.
That bearish engulfing void candle at 12pm was just there to take out stops, the 4 hour block has been violated so this shows uncertainty because price has dropped on 8830 level and has also shown bullish action before. 1 hour time frame confirms my...