12.06.201709:15 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for June 12, 2017

Long-term review

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The Dollar index showed reversal signs at the end of last week and we could see a strong bounce towards 99 as long as we trade above 97-96.50. Short-term trend is bullish as price has broken above the 4-hour Kumo (cloud).

Blue line - support

The Dollar index has moved above the Kumo in the 4-hour chart and is back testing it now. I expect price to at least bounce towards the 38% Fibonacci retracement where the first important short-term resistance is found. I would then expect a pullback and then bounce towards the 61.8% Fibonacci level. But it is still too early for this. As I have been saying, the Dollar index is to be shorted higher and not around 97.

Blue lines - bearish channel

Red line - trend line resistance (broken)

In the Daily chart, the index has broken the short-term trend line resistance. Price is bouncing and I expect at least a move towards the kijun-sen (yellow line indicator). However there are good chances of testing cloud resistance around 99, so bears should be very patient as they will get better prices. For now I remain bullish or at least neutral the Dollar index waiting for higher levels to sell.

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