31.05.201709:20 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for May 31, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The Dollar index strength was short lived as price fell back towards short-term support at 97.25 area. Price remains inside a sideways channel and trading range. We need a clear break above 97.75 or below 97 to see a clear trending move.

Blue lines - sideways channel

The Dollar index is trading inside the 4-hour Kumo. Trend is neutral as we also mentioned yesterday. Unless the trading range boundaries are broken, we will remain in the range until Friday and the announcement of the NFP data.

Red line - resistance

Green line - support (broken)

The weekly candles are at important Kumo (cloud) support. I expect a bounce from the 97 area and the Friday NFP data could be the trigger behind the expected Dollar bounce. I would not be bearish at current levels.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.