Ichimoku cloud indicator analysis of USDX for February 19, 2018

The Dollar index remains in a bearish trend despite the last week’s bounce near the end of the week. The index broke to new lows, as expected once 89.60 failed to hold, and is now testing back this break down area.

Cloud resistance is where we have the previously broken support, at 89.60. As long as the price is below, the level trend is neutral. Support is at 88.66-88.74 now. A rejection of the cloud resistance will most probably bring the index to new lows.

On a weekly basis, the trend remains bearish. The first important resistance is at 91.15, and the second is at 91.85. As long as the price is below these levels, bears will remain in control.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Ichimoku cloud indicator analysis of USDX for February 19, 2018