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The US dollar index collapsed yesterday as it broke below and out of the upward sloping channel. The price was signalling that a bearish reversal was coming as we pointed out the bearish divergence in the stochastic and the RSI a couple days back.
Red lines - bearish wedgeThe US dollar index has broken below the cloud support and the upward sloping wedge. The critical support of 98.40-98.50 was broken and the price fell 1 point down. Today, we see the price bouncing, but I believe the downside move is not over yet.
In the weekly chart above, we see how the price has broken below the tenkan-sen support (red line indicator) and is now heading towards the kijun-sen (yellow line indicator) and the Ichimoku cloud near 96.50. The trend is bearish.Le recensioni analitiche di InstaForex ti renderanno pienamente consapevole delle tendenze del mercato! Essendo un cliente InstaForex, ti viene fornito un gran numero di servizi gratuiti per il trading efficiente.