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It’s December, a month where people take the opportunity to do holiday shopping and this in particular makes December in one of the months with higher volatility in the currency market.
In the U.S. , sales of the famous cyber monday reached a record figure of $ 2.29 billion, thus, the USD Index has been some volatility in their movements. The question for many is, what will happen to the USD Index at the end of 2013? The answer is a bit daunting, especially for those long- term traders.
The current situation of the USD Index is overall uncertainty, which makes the U.S. currency does not have a definite trend in the medium term. On the weekly chart, the USD Index rose to resistance at the 81.26 level, where this formed a fractal, indicating that the USD Index would begin to make corrective moves above the 200 SMA. However, the USD Index is forming a lower high pattern above the SMA 200, because this has been found on that level dynamic support.
However, if the USD Index drops below the 200 day moving average, it’s expected to fall to a support level of 80.04 and also, if the USD Index makes a breakout at that level, would be expected to fall be extended to the level of 79.16. On the other hand, if the USD Index manages to break the resistance at the 91.26 level, it is expected to rise to the level of 82.02.
The MACD indicator is still in positive territory, helping to keep alive our bullish outlook for the USD Index.
