US Dollar Index (DX) Futures Technical Analysis – April 24, 2018 Forecast
June U.S. Dollar Index futures are trading lower on Tuesday shortly before the regular session opening. The index continued its five day rally early in the session, but the buying dried up and profit-takers came in after touching a pair of Gann angles, slightly below a major retracement zone.
Daily Technical Analysis
The main trend is up according to the daily swing chart. The uptrend resumed when buyers took out a pair of swing tops at 90.295 and 90.490.
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If the buying continues then the main top at 92.020 will become the primary upside target. The trend will change to down if 88.945 is taken out.
The main range is 94.420 to 87.830. Its retracement zone at 91.125 to 91.900 is the primary upside target. We expect to see some selling pressure on the first test of this zone.
Daily Technical Forecast
Based on the early trade and the current price at 90.680, the direction of the June U.S. Dollar Index futures contract today will be determined by trader reaction to a pair of Gann angles at 90.80 and 90.91.
A sustained move under 90.80 will indicate the presence of sellers. The daily chart indicates there is plenty of room to the downside if the selling pressure begins to accelerate. The next downside target is a steep uptrending Gann angle at 90.20.
Overtaking 90.80 will signal the presence of buyers, but crossing to the strong side of an uptrending Gann angle 90.91 will indicate the buying is getting stronger. This could trigger an acceleration into the main 50% level at 91.125.
A slowdown in the rise of Treasury yields could lead to a sideways to lower trade today as investors may already be preparing for Friday’s U.S. GDP report.