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27.03.201709:28 Forex Analysis & Reviews: Technical analysis of USDX for March 27, 2017

Long-term review

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Starting the week with Dollar selling pressures and the price below important support breaking down below the neckline support, a bearish signal is confirmed. The trend is bearish. I was expecting a bounce last week but we might see it this week. However, there is no reversal sign.

Blue lines - resistance levels

The first short-term resistance level is at 99.50. The next resistance is at 99.80. Trend is clearly bearish as the price continues to make lower lows and lower highs. The price is below both the tenkan- and kijun-sen in the 4-hour chart. The price needs to break above 99.80 to confirm short-term reversal.

Black line - neckline support

Blue line - trend line resistance

Green line - long-term support

The weekly chart is very bearish. However, it is still start of the week and we should be patient regarding the neckline support. Even if the bounce comes this week, I expect resistance at 101.50 to hold and the price to move lower the next few weeks towards the long-term green trend line support near 98.

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