29 Apr 2015
USD index likely to rise if FOMC perceived less dovish than expected – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, views that the USD Index might rise to 95.95 levels and even towards 96.85 if the FOMC statement ahead is perceived to be less dovish than expectations.
Key Quotes
“The index fell below a couple of key technical supports today – 100-DMA at 95.96, 100% Fib expansion level (100.74-96.28-100.23), and 95.74 (Jan. 23rd high).”
“At the moment, the USD index is being supported at the 5-MA on the monthly time frame at 94.92”
“The RSI indicator has hit the oversold zone on the daily, hourly, and 4-hour time frame, indicating a possibility of a technical correction.”
“In case, the FOMC statement is slightly less dovish than expected, we are likely to see the index rise back above its 100-DMA located at 95.95. A hammer candle on the daily with a close above 100-DMA could see the index rise to 96.85 and 97.49 levels in the short-term.”
“On the downside, a break below 94.60 could push the index lower to 93.90 levels.”
Key Quotes
“The index fell below a couple of key technical supports today – 100-DMA at 95.96, 100% Fib expansion level (100.74-96.28-100.23), and 95.74 (Jan. 23rd high).”
“At the moment, the USD index is being supported at the 5-MA on the monthly time frame at 94.92”
“The RSI indicator has hit the oversold zone on the daily, hourly, and 4-hour time frame, indicating a possibility of a technical correction.”
“In case, the FOMC statement is slightly less dovish than expected, we are likely to see the index rise back above its 100-DMA located at 95.95. A hammer candle on the daily with a close above 100-DMA could see the index rise to 96.85 and 97.49 levels in the short-term.”
“On the downside, a break below 94.60 could push the index lower to 93.90 levels.”