Ichimoku indicator analysis of USDX for May 26, 2017
May 25, 2017 9:11 pm
The Dollar index is moving sideways. Price has formed a triangle pattern. Soon we will have a breakout. I believe it is more probable to break to the downside towards 96 before a bigger bounce higher.
Blue lines – triangle pattern
The Dollar index remains below the 4-hour Kumo (cloud). Trend remains bearish as price cannot even break above the kijun-sen indicator. Support is at 96.90 and resistance is at 97.45. I believe it is more probable to break to new lows before a bigger bounce.
Red line – resistance
Green line – broken support trend line
Price is still at the edge of the weekly cloud. Price is at very important support. We could see the Kumo break but I believe a bigger reversal bounce will come over the next weeks. 96 is the next target if the short-term triangle is broken.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The Dollar index is moving sideways. Price has formed a triangle pattern. Soon we will have a breakout. I believe it is more probable to break to the downside towards 96 before a bigger bounce higher.
Blue lines – triangle pattern
The Dollar index remains below the 4-hour Kumo (cloud). Trend remains bearish as price cannot even break above the kijun-sen indicator. Support is at 96.90 and resistance is at 97.45. I believe it is more probable to break to new lows before a bigger bounce.
Red line – resistance
Green line – broken support trend line
Price is still at the edge of the weekly cloud. Price is at very important support. We could see the Kumo break but I believe a bigger reversal bounce will come over the next weeks. 96 is the next target if the short-term triangle is broken.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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