Ichimoku cloud indicator analysis of USDX for February 1, 2018
February 1, 2018 9:21 am
The Dollar index remains in a bearish trend. Price is bouncing today. Price remains above the recent low but below the short-term (4 hour) Kumo (cloud). As long as price is below 89.60-89.80 trend is bearish and bears are in control.
Black rectangle – short-term resistance
Red lines – bearish channel
The Dollar index is trading below the 4-hour Kumo (cloud) resistance inside a bearish channel. Support is at 89 and resistance at 89.30 first and 89.60 next. A break below 89 will increase the chances of seeing new lows in the Dollar index today or tomorrow.
Blue line – resistance trend line
Black line – long-term support
On a weekly basis, price remains above the 61.8% Fibonacci retracement. Price bounced off that support level. Trend is bearish as price is well below both the tenkan- and kijun-sen indicators. First important weekly resistance is at 91.43. Price should bounce soon but so far we have no reversal confirmation. A break above 89.60 will be the first sign in favor of a bounce.
The material has been provided by InstaForex Company – www.instaforex.com
The Dollar index remains in a bearish trend. Price is bouncing today. Price remains above the recent low but below the short-term (4 hour) Kumo (cloud). As long as price is below 89.60-89.80 trend is bearish and bears are in control.
Black rectangle – short-term resistance
Red lines – bearish channel
The Dollar index is trading below the 4-hour Kumo (cloud) resistance inside a bearish channel. Support is at 89 and resistance at 89.30 first and 89.60 next. A break below 89 will increase the chances of seeing new lows in the Dollar index today or tomorrow.
Blue line – resistance trend line
Black line – long-term support
On a weekly basis, price remains above the 61.8% Fibonacci retracement. Price bounced off that support level. Trend is bearish as price is well below both the tenkan- and kijun-sen indicators. First important weekly resistance is at 91.43. Price should bounce soon but so far we have no reversal confirmation. A break above 89.60 will be the first sign in favor of a bounce.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: