Long term trend: Up
Medium term trend: Up
Significant Levels: 11760 (Horizontal Support), 11850 (Horizontal Resistance), Uptrend Channel
US Dollar is still going strong. The price is still in the uptrend channel. A new support area was found which is in 11760 price level. A bullish engulfing bar formed last Friday near the support area. This indicates that USD could resume its trend anytime soon. We are looking for the price to go up again this week. The US Dollar move in sideways since 23rd day of January. As the price is approaching the uptrend support area, we could see the price to move up again and that is likely to happen this week.
We are bullish in USD and definitely, we are going to buy this currency. Trade well.
Medium term trend: Up
Significant Levels: 11760 (Horizontal Support), 11850 (Horizontal Resistance), Uptrend Channel
US Dollar is still going strong. The price is still in the uptrend channel. A new support area was found which is in 11760 price level. A bullish engulfing bar formed last Friday near the support area. This indicates that USD could resume its trend anytime soon. We are looking for the price to go up again this week. The US Dollar move in sideways since 23rd day of January. As the price is approaching the uptrend support area, we could see the price to move up again and that is likely to happen this week.
We are bullish in USD and definitely, we are going to buy this currency. Trade well.