Technical analysis of USDX for July 13, 2016

The US dollar index held above the short-term support at 96.10 and is retesting previous highs. Price is mainly moving sideways in the short-term and we should focus on 96 and 96.70 levels for a breakout.

Blue line - trend line support

The Dollar index is above the 4-hour Kumo (cloud) and above the blue trend line support. The short-term support below 96.10 is at 95.90. Resistance remains at 96.70.

The weekly candle entered the weekly Kumo once again and remains above the weekly kijun-sen. The trend remains bullish on the weekly chart with the potential of moving towards the upper cloud boundary near 97.50 even this week. As long as the price is above 93 the longer-term view remains bullish. A rejection at the weekly cloud and move below it will open the way for a pullback towards the red trend line that was once resistance.The material has been provided by InstaForex Company - www.instaforex.com