USDX Breaks Support

Good morning traders,

The update to the Vantage FX website has actually locked me out, so I’m just publishing this to my personal blog today. Go and take a look at the site and bare with our IT team as some of the anchor text and link problems are ironed out.

The big news overnight is the fact that the US Dollar Index broke through daily support:

USDX Daily:

Click on chart to see a larger view.

You can see however, that while price broke through the first level of support, the second lower line can turn what we’re looking at into a zone, therefore meaning not all hope for Dollar bulls is lost just yet.

But both the EUR/USD and AUD/USD levels that we were looking to fade broke up as USDX broke down, which I know messed with plenty of traders on my stream including me.

The question now becomes, is this just a final flush out of stops that were too obviously placed just at the other side of major support/resistance levels across the majors? Let us know your thoughts by giving either @danewilliamsau or @VantageFX a mention on Twitter.

Best of probabilities to you!

Dane Williams – @VantageFX

Risk Disclosure: In addition to the website disclaimer below, the material on this page prepared by Vantage FX Pty Ltd does not contain a record of our prices or solicitation to trade. All opinions, news, research, tools, prices or other information is provided as general market commentary and marketing communication – not as investment advice. Consequently, any person acting on it does so entirely at their own risk. The expert writers express their personal opinions and will not assume any responsibility whatsoever for the Forex account of the reader. We always aim for maximum accuracy and timeliness, and Vantage FX shall not be liable for any loss or damage, consequential or otherwise, which may arise from the use or reliance on this service and its content, inaccurate information or typos. No representation is being made that any results discussed within the report will be achieved, and past performance is not indicative of future performance.

Source: Vantage FX Blog