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#USDX technical analysis for April 16, 2015

The Dollar index has pulled back towards cloud support and towards our short-term pullback targets at 98-97.50. The Dollar index has reached the Ichimoku cloud support. The uptrend can resume from the current levels.


usdx.jpg


Red line = support


Green line = trend line resistance


Blue lines= target projection


The Dollar index has broken green trend-line resistance and is pulling back to test it. The price has reached the Ichimoku cloud support in the 4-hour chart and I believe that the uptrend could resume from the current levels.


usdxd.jpg


Orange lines= bullish channel


The Dollar index remains inside the bullish channel. The weekly candle is showing some signs of a pause in the uptrend. Weekly support is at 97 and weekly resistance is at 102. The longer-term trend remains bullish. As long as we trade above 96, I would remain optimistic.


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