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Ichimoku Indicator

24.08.201709:42 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for August 24, 2017

Long-term review

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The US dollar index got rejected as expected after back testing the broken channel and cloud resistance. I expect the dollar index to push lower towards 91.60 over the coming weeks.

Red lines - bearish channel

The dollar index is trading below the 4 hour Kumo. Yesterday we back tested the broken channel and the Kumo cloud. The rejection is a bearish sign. Support is at 93.10 and the next one at 92.90. Resistance is found at 93.40 and the next one at 93.55.

The daily candles in the dollar index suggest a rejection and a push lower towards 91.60. A move of similar size with the first part of the decline from 97.60 is expected. Trend is clearly bearish in the daily chart with no reversal signs.

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