empty
 
 
12.10.2017 09:14 AM
Ichimoku indicator analysis of USDX for October 12, 2017

The Dollar index as expected has made a full-scale reversal since last Friday when we expected for the Dollar to top. Price has broken through cloud support in the short term and is making lower lows and lower highs. Trend is bearish.

This image is no longer relevant

Black rectangle - support (broken)

Yellow rectangle - resistance

The Dollar index has broken below the Ichimoku cloud in the 4-hour chart. Price has moved lower as expected when we were trading around 94. Price justifies a bounce soon but it is important to see if this bounce makes a lower high and gets rejected by the Kumo (cloud) resistance.

This image is no longer relevant

Black lines - bearish channel

The rejection at the upper channel boundary is unfolding. Price has now reached the lower cloud boundary and the kijun-sen indicator (yellow line). This is important support area for the Dollar index. Price could bounce from this area. As long as we are trading inside the bearish channel, I will continue to be bearish expecting new lows in the Dollar index.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $10000 more!
    In January we raffle $10000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback