Dollar.IDX/USD 4H Chart: Hits six-week low - Trade Pattern Ideas - Dukascopy Bank

Wed, 15 Jan 2020 05:15:00 GMT
Source: Dukascopy Bank SA
 
Indicator4H1D1W
MACD(12;26;9)BuyBuyBuy
RSI(14)NeutralNeutralNeutral
Stochastic(5;3;3)NeutralNeutralNeutral
Alligator(13;8;5)BuyBuyBuy
SAR(0.02;0.2)SellBuySell
Aggregate

The dollar index, which measures the US Dollar against a basket of major currencies, has been edging lower in a descending channel pattern since the end of November. The currency pair hit a six-month low at 96.04 during last week's trading sessions.

Currently, the Dollar.IDX/USD pair is testing a resistance level formed by the 200– hour simple moving average at 97.18.

From a theoretical point of view, the pair will make a brief downside movement within this week's trading sessions. The potential target will be at the 96.60 area.

However, given that the pair is trading near the upper line of the descending channel pattern, a breakout might occur in the nearest future.


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