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Ichimoku Indicator

15.09.201706:57 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for September 15, 2017

Long-term review

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The warning for Dollar bulls played through. Price got rejected at the 61.8% Fibonacci retracement, but Dollar bulls are now fighting back. Price respected the critical support and trend change level at 91.70 and did not break it.

Black line - support

The Dollar index is inside the 4-hour Kumo. Trend is neutral in the short-term. Price has not made a lower low. Price is still above support at 91.70. This favors bulls. Bears need to break below the cloud and below the black trend line.

On a daily basis, we have a rejection at the kijun-sen (yellow line indicator). Trend of course remains bearish. Bulls need to hold above the tenkan-sen (Red line indicator) while the bears will need to break below it, in order to confirm that the bounce is over and we should not expect a bigger one. Longer-term view remains bearish expecting a move below 90.

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