Ichimoku cloud indicator analysis of USDX for March 28, 2018

The Dollar index made a strong spike up yesterday, but trend remains bearish. Bulls have a lot of work ahead of them in order to change at least short-term trend. Their first obstacle is at 90.20.

Red line – resistance trend line

Short-term resistance is at 89.63 yesterday’s highs and next is the cloud resistance at 89.90. The trend line resistance is at 90.20 and this must be broken for the short-term trend to change.

On a daily basis, the Dollar index remains below the Daily Kumo (cloud) resistance. Kijun-sen resistance is at 89.95. Price is challenging the lower cloud boundary. If the price closes the day above the boundary, then bulls will have their first bullish indication, implying that the price could continue higher towards the upper cloud boundary around 91, specially if the kijun-sen resistance is broken. Concluding, bears remain in control, keep an eye on the 90 level, retaking it will be a bullish sign.

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

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