The US dollar index is above critical support levels as it continues to trade sideways waiting for the FOMC rate decision and Fed chairman Janet Yellen’s speech.
Red lines – upward sloping wedge
The price continues to trade inside the upward sloping wedge. It is above the Ichimoku cloud in the 4-hour chart, but has broken below the kijun- and tenkan-sen indicators giving us a bearish signal. A breakout below the cloud and out of the wedge will also be a clear sell signal.
In the weekly chart, we see the weekly candle testing the weekly tenkan-sen (red line indicator) support. If prices fall below it, we should expect the index to move towards the kijun-sen (yellow line indicator) and weekly cloud support. So, all eyes are on the Fed’s decision tonight.The material has been provided by InstaForex Company – www.instaforex.com
The US dollar index is above critical support levels as it continues to trade sideways waiting for the FOMC rate decision and Fed chairman Janet Yellen’s speech.
Red lines – upward sloping wedge
The price continues to trade inside the upward sloping wedge. It is above the Ichimoku cloud in the 4-hour chart, but has broken below the kijun- and tenkan-sen indicators giving us a bearish signal. A breakout below the cloud and out of the wedge will also be a clear sell signal.
In the weekly chart, we see the weekly candle testing the weekly tenkan-sen (red line indicator) support. If prices fall below it, we should expect the index to move towards the kijun-sen (yellow line indicator) and weekly cloud support. So, all eyes are on the Fed’s decision tonight.The material has been provided by InstaForex Company – www.instaforex.com
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