Ichimoku cloud indicator analysis of USDX for March 1, 2018

analytics5a97b3dc17e98.png

The Dollar index has broken through the previous high at 90.60. Short-term trend remains bullish. Next important resistance is found at 90.85 where we find the 38% Fibonacci retracement.

Red line – resistance (broken)

Black line – resistance (broken)

The Dollar index is breaking above the short-term resistance levels and continues to trade above both the tenkan- and kijun-sen indicators. Support is at 90.10 and at 89.80. Bulls do not want to see these two levels broken. Above the 38% Fibonacci retracement resistance, we have the 91.75 and 92.45 levels as very important resistance levels.

analytics5a97b45245e6e.png

Blue line – resistance (broken).

Daily trend remains bearish as price remains below the Kumo. Price is now challenging cloud resistance in the Daily chart. Daily support is at 90.50-90.25 and at 89.80. Bulls need to be careful as we might see a rejection at the Daily cloud resistance.

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

Source:: Ichimoku cloud indicator analysis of USDX for March 1, 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

*