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Ichimoku Indicator

22.09.201709:08 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for September 22, 2017

Long-term review

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The Dollar index despite making a new short-term high near 92.50, is pulling back as expected by our previous post towards the 92 cloud support. Is this a fake breakout like the last time or a back test that will provide a new bounce?

Red line - resistance

The Dollar index has broken above the red trend line and is now back testing it. Price has also broken above the 4-hour Kumo (cloud) and is back testing it again. The last time price broke above the 4-hour Kumo we witnessed a false break out and a reversal. Will the bearish trend resume? There are high chances of this happening specially if price breaks below support at 91.60.

On a daily basis, price remains in a bearish long-term channel. Price got rejected yesterday at the kijun-sen (yellow line indicator) and is now trading below the tenkan-sen also. This is a bearish sign. The entire upward correction could be over already. Key support is at 91.50. Break it and we go below 90.

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