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The US dollar index is showing signs of a failed breakout as price cannot produce a follow towards 97.70. Price for now is considered to back testing the break out of the consolidation range at 96.70. So as long as we are above the consolidation range, we continue to remain short-term bullish.
Blue lines - trading range (broken)
Red lines - long-term bullish channel
The dollar index is trading above the 4 hour Kumo (cloud) and brok out of the trading range. Price reached the upper long-term channel boundary where resistance is found. The short-term support is at 96.70 and then, at 96. Resistance is at 97.32.
This week's candle is inside the weekly Kumo. We still have no confirmation of the resumption of the longer-term bullish trend. Price needs to break above the weekly cloud for this to happen. Until then bulls need to be cautious as resistance is very important at 97.70. If this week's candle turns red and price closes below the lower Kumo boundary, it will be an ugly bearish reversal signal targeting even below 95.
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