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13.11.201709:56 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for November 13, 2017

Long-term review
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The Dollar index is trading right above the important medium-term trend line support at 94.40. The price remains inside the Kumo and has not broken below it. The price is making higher highs. So far bulls remain in control. A strong upward move will come very soon as long as we trade above 94.40.

Exchange Rates 13.11.2017 analysis

Blue line - medium-term trend support trend line

The Dollar index is testing the blue trend line support. Price is inside the 4-hour Kumo. The trend is neutral. Resistance is at 94.85. Break above it and we are heading towards 96.20. Support is at 94.35, break it and we have started the next leg down to 88.

Exchange Rates 13.11.2017 analysis

On a weekly basis, price remains below the kijun-sen and the 38% Fibonacci retracement. Break above 95.30 and we could very well move towards the 61.8% Fibonacci retracement and the weekly Kumo resistance at 97.90.

Alexandros Yfantis
Analytical expert of InstaForex
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