The US Dollar index has continued moving higher towards the green trendline resistance and has not pulled back. I'm bullish on the index, but I would prefer to protect my longs since there are many chances of a pullback in the index.
The weekly chart shows how the price tests the kijun-sen resistance area. The price is above the weekly cloud support and I would not be surprised to see the index reach the red trendline resistance over the coming days. This pattern is a bullish flag and I will be extremely bullish if the index breaks out above the resistance. Target is new highs above 10
The US Dollar Index got rejected at the previous high horizontal resistance as we expected and is pulling back now. The price is likely to move towards 95.25
Green line - resistance (broken) Red line - previous high horizontal resistance The US Dollar Index is pulling back after being rejected at the previous resistance. I expect the pullback to test the Ichimoku cloud and to move, why not, a bit lower towards the kijun-sen support. I prefer to wait in order to enter a long position when this pullback reached my targets.
Red line - resistance Green line -support The weekly chart remains inside the bullish flag pattern. The price is also above the weekly cloud support. It is testing the weekly kijun-sen resistance and we would probably will see a rejection soon. Breaking above this level will push the price towards the red trend-line resistance near 97.50.
On the daily chart, the USDX continues to trade below the resistance level of 96.38, where a pullback is currently taking place. That is why we expect a fall to the support level of 95.83. Currently, a breakout above the level 96.38 is expected to push the index higher until new 2-month highs at least. The MACD indicator is at the positive territory.
The index is currently performing a correction from the resistance level of 96.51 and now it is testing the support zone of 96.15. On the H1 chart, we should note a bullish pattern formation which could push the USDX higher across new highs, becauses bullish momentum seems to be still strong in an intraday basis.
Daily chart's resistance levels: 96.38 / 96.91 Daily chart's support levels: 95.81 / 95.26 H1 chart's resistance levels: 96.35 / 96.51 H1 chart's support levels: 96.15 / 95.94 Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.35, take profit is at 96.51, and stop loss is at 96.19.
The Dollar index as we initially expected pulled back towards 95.25 where the cloud support was found and has bounced strongly since then. Price is now testing the previous highs resistance at 96.60 again. A rejection here could bring price back to 95, but overall bulls remain in control.
Green line - resistance (broken) Red line - horizontal resistance of previous highs The Dollar index is trading above the Ichimoku cloud. The trend is bullish and a breakout above 96.60 will be a very bullish sign that could bring the index towards 98. A rejection here will bring the index back at 95.
Red line - resistance Green line - support The weekly chart shows that there is enough strength to push price towards the downward sloping red trend line resistance where the bullish flag pattern is going to be tested. Price is supported by the weekly Ichimoku cloud and all bulls need is a weekly break above the red trend line resistance in order to confirm the start of the next upward leg to new highs.
The index is trying to finish the development of a bullish pattern above the support level of 95.83. The daily chart structure is showing us a situation where the index is trying a breakout above the resistance level of 96.38, but bear in mind that zone is highly active for sellers in a mid-term outlook. MACD indicator remains on the positive territory.
On H1 chart, USDX is breaking some key resistances, reached this week, after a bullish momentum which was granted during the 200 SMA's testing. At the resistance level of 96.30, we could expect some bearish moves with pullbacks which should take the index to test the support zone of 96.15 at least.
Daily chart's resistance levels: 96.38 / 96.91 Daily chart's support levels: 95.81 / 95.26 H1 chart's resistance levels: 96.35 / 96.51 H1 chart's support levels: 96.15 / 95.94 Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the USD Index breaks with a bullish candlestick; the resistance level is at 96.30, take profit is at 96.47, and stop loss is at 96.13.
On the daily chart, there is still a higher high pattern formation in progress above the support level of 95.83. That is why we should remind that the current structure will call for more upside as long as it stays above that territory. A bullish outlook should get invalidated when the USDX does a breakout below the level of 95.26.
The index is performing a pullback from Friday's highs as it is expected to test the 200 SMA on the H1 chart again. However, it could do a rebound above the support level of 96.15 in order to try another breakout around 96.30, towards the highs reached on Friday. The 200 SMA is turning to neutral territory and the MACD indicator is entering the negative territory.
Daily chart's resistance levels: 96.38 / 96.91 Daily chart's support levels: 95.81 / 95.26 H1 chart's resistance levels: 96.35 / 96.51 H1 chart's support levels: 96.15 / 95.94 Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is seen at 96.30, take profit is at 96.47, and stop loss is at 96.13.
The US Dollar index continues to trade below the horizontal trend-line resistance at the previous highs. The index continues to move towards higher lows approaching a shallow pullback, however bulls need to be cautious at these levels as another rejection could push the index towards 95.50.
Red line - resistance The US dollar index continues to trade above the Ichimoku cloud but below important resistance at 96.60. I would remain bullish over the longer term and would buy if the price brakes decisively above the red trend-line resistance. Support is found at the level of 95.50 of the Ichimoku cloud. So, another rejection now will push the price towards that area.
Red line - resistance Green line - support The weekly bullish flag remains intact as the price has been continuing to trade withing the same trading range for some time. It holds above the weekly Ichimoku cloud support and any pullback here should find strong support in the cloud area. Breaking above the red resistance trend line will be a bullish sign that can bring new highs for the index.
The USDX is forming a higher high pattern on the daily chart, after a consolidation performed above the support zone around the level of 95.83. However, a breakout above the resistance zone of 96.38 will expose the index to test the zone of 96.91, which is still a key sell zone for the USDX. A pullback should not be discarded at this stage.
On the H1 chart, the USDX is trying to perform a rebound above the 200 SMA, which is acting as dynamic support. The current structure is still calling for more upside moves, as the index is still holding above the last important lows reached during the last week at least. The 200 SMA is turning neutral and the MACD indicator remains at the negative territory.
Daily chart's resistance levels: 96.38 / 96.91 Daily chart's support levels: 95.81 / 95.26 H1 chart's resistance levels: 96.15 / 96.30 H1 chart's support levels: 95.94 / 95.77 Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US Dollar Index breaks with a bullish candlestick; the resistance level is at 96.15, take profit is at 96.30, and stop loss is at 96.00.
The US Dollar Index got rejected once again at the horizontal resistance of a previous high at 96.60 and pulled back towards the Ichimoku cloud support as expected. I prefer to stay neutral as long as the price is below this resistance level or buy when the price approaches the cloud support.
Red line - resistance The US Dollar Index is testing the cloud support at 95.75. Now, it seems that bulls are in control of this pullback. Breaking above 96.60 will be a very important buy signal that will probably bring the index to 98.
Red line - resistance Green line - support The US Dollar Index remains above the weekly cloud support trying to reach the weekly downward sloping red trend line resistance of the bullish flag pattern. Breaking above the red trend line will give us a new weekly buy signal with new highs as target.
The US dollar index continues to trade below the important resistance of 96.6, but also above the Ichimoku cloud in both the 4-hour and weekly charts. I prefer to stay neutral and wait for the buy signal above 96.60 to go long. The weekly bullish flag remains valid. We must be patient waiting for a breakout.
Red lines - triangle pattern The US dollar index is trading in a big triangle pattern. The upper triangle boundary is seen at the previous high and important resistance of 96.60. The lower boundary is at 95. A trend is neutral in both the medium and short terms as the price mainly consolidates.
Red line - resistance Green line - support The weekly chart does not show any new or significant changes. The price remains trapped inside the bullish flag and above the Ichimoku cloud. The best thing to do is to wait for a breakout, so we need to be patient.
