Ichimoku cloud indicator analysis of USDX for April 10, 2018
April 10, 2018 8:21 am
The Dollar index is challenging the 4-hour Kumo (cloud) support. So far it shows that it wants to respect support and bounce for another leg higher. A break below the Kumo will be very bearish for the medium-term trend.
Blue lines – bearish channel
Daily trend is bearish as price is now again below the Daily Kumo. Resistance is at 89.90. Bulls need to see price close above it while bears want a rejection at the current levels. 90.30-90.40 is key for the short-term bullish scenario. Bulls must break it for a move towards 91.70. On the other hand, bears want to see daily closes below 89.40 to confirm bearish trend and increase the chances for new 2018 lows.
The material has been provided by InstaForex Company – www.instaforex.com
The Dollar index is challenging the 4-hour Kumo (cloud) support. So far it shows that it wants to respect support and bounce for another leg higher. A break below the Kumo will be very bearish for the medium-term trend.
Blue lines – bearish channel
Daily trend is bearish as price is now again below the Daily Kumo. Resistance is at 89.90. Bulls need to see price close above it while bears want a rejection at the current levels. 90.30-90.40 is key for the short-term bullish scenario. Bulls must break it for a move towards 91.70. On the other hand, bears want to see daily closes below 89.40 to confirm bearish trend and increase the chances for new 2018 lows.
The material has been provided by InstaForex Company – www.instaforex.com
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