#USDX technical analysis for May 27, 2015

The US Dollar Index has made a short-term reversal and is showing signs of an imminent pullback. Bulls managed to reach the 61.8% retracement of the decline from 100 to 93.10 and a small pullback is justified here. The upward move from 93.10 is impulsive and this implies that it is more probable that a new upward move has started.

Green line= trend line support

The US Dollar Index has short-term support at 96.85 and more importantly at 96.40. Trendline support is at 96-95.80. I believe this is just another corrective pullback before the resumption of the uptrend. I remain longer-term bullish as long as we trade above 94.80.

Black area = support

The US Dollar Index has managed to break above the black resistance area that is now support. Bulls have also managed to break inside the Ichimoku cloud and are fighting to stay inside. This is a bullish signal. Daily support is found at 96 and at 95. I believe the correction ended at 93.10 and a new upward move has started. I remain bullish.

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