Today, on March 20th, the US Dollar is up against 6 other major currencies. In particular, the USD index us currently trading next to the local high (80,10) set yesterday. The high was set instantly after Janet Yellen's speech following yesterday's Fed meting.
Market Leader asked Masterforex-V Academy , Europe's best Forex training project since 2009, to analyze the current situation in the market of the US Dollar index to find out the near-term prospects and help Forex traders define their trading opportunities.
After analyzing the H4 chart, the experts defined the following situation and scenarios:
First of all, the bias is still bearish. It started in late January 2014. During Janet Yellen's speech, the US Dollar index gained over 69 points, thereby making another session high at 80, 25.
If the index keeps gaining value, the closest targets are 80,28 and above. Alternatively, if the price goes down within the framework of the existing downtrend, we may well see it touching 79,57 and going further down.
