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Ichimoku Indicator

30.05.201709:07 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for May 30, 2017

Long-term review

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The Dollar index is showing reversal signs. This is not the time to be bearish on the Dollar. I expect a strong bounce higher in the Dollar index where we will get a better opportunity to sell the Dollar.

Blue lines - trading range

The Dollar index has broken the trading range upwards. Price is inside the 4-hour Kumo. Trend has changed to neutral from bearish for the short term. Resistance is at 98.35. Support is at 97.28.

Red line - resistance

Green line - long-term support trend line (broken)

The Dollar index is bouncing off the weekly Kumo (cloud). This is the time for the Dollar to bounce. The Dollar is expected to move towards 99 or even higher. I'm bullish on the Dollar at current levels for at least a short-term bounce.

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