The Dollar index tried yesterday to make a move back inside the Ichimoku cloud but got rejected once again. The Dollar remains weak. In the short-term chart shown below the Dollar index is taking a negative turn downwards as the slope from neutral is turning back down.
The Dollar index is in downtrend. I expect 79.20 to be challenged soon. I think it is very possible to see a new lower low in the index towards 79 or even below 79 over within the coming weeks. Shot-term support is found at 79.30. Short-term resistance is found at 79.85.
Longer-term trend remains down. Price is still below the blue downward sloping trend line and below the Ichimoku cloud. I think we are going to see a new low soon so I prefer short positions with the 80.60 stop and 79 or 78.80 as the first targets. There are no bullish signs of a trend reversal yet, that is why we remain short-biased.
Alexandros Yfantis is taking part in the “Analyst of the Year” award organized by MT5.com portal. If you like his article, please vote for him.
| ||
Performed by Alexandros Yfantis, Analytical expert InstaForex Group © 2007-2014 |
#USDX Technical analysis for April 29, 2014
No comments:
Post a Comment