DOLLAR.IDX/USD 4H Chart: Sets for breakout - Trade Pattern Ideas - Dukascopy Bank

Tue, 05 Nov 2019 06:52:25 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)SellSellSell
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)SellNeutralBuy
Alligator(13;8;5)NeutralSellSell
SAR(0.02;0.2)BuyBuySell
Aggregate

The dollar index, which measures the US Dollar against a basket of major currencies, has been depreciating in a descending channel pattern since the beginning of October. The pair has declined about 2.29% in value during this period.

The Dollar.IDX/USD pair is currently trading near the upper boundary of the descending channel pattern at 97.47.

All things being equal, a breakout could occur within this week's trading sessions. The possible target will be at the 98.38 area.

However, from a theoretical point of view, it is expected the pair makes a brief retracement down during the coming days.


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