Ichimoku cloud indicator analysis of USDX for February 28, 2018

analytics5a9660d751da8.png

As we mentioned yesterday the Dollar bounced off the critical support area but price remains below the recent high at 90.60. Only a break above this level will confirm that a bigger bounce is in play for the Dollar index. The chances of this break out have increased dramatically.

Red line – resistance trend line (broken)

Black rectangle – horizontal resistance

The Dollar index is in a bullish short-term trend as price is trading above the Kumo (cloud) and above both the tenkan- and kijun-sen indicators. Resistance is found at 90.60. Support is at 89.60-89.50.

analytics5a966188e5203.png

Blue line – resistance

On a daily basis the Dollar index is above both the tenkan- and kijun-sen indicators. Price is below the cloud and below the blue trend line resistance. Cloud resistance that bulls must overcome is at 91-91.70. This is strong daily resistance. A break above this area will be an important bullish signal. I’m bullish about the index as long as price is above 89.50.

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

Source:: Ichimoku cloud indicator analysis of USDX for February 28, 2018

Won't your trader friends like this?
InstaForex
About the Author
InstaForex brand was created in 2007 and at the moment it’s a top choice of more than 2,000,000 traders. More than 1,000 clients open accounts with InstaForex every day. All InstaForex clients get great opportunities for effective trading on the forex market, as well as on-time technical and customer support

Leave a Reply

*