Technical analysis of USDX for August 4, 2017

The US dollar index is near its yearly lows and inside the weekly support area of 93-92. The trend remains bearish. The key reversal level in the short term lies at 93. Oscillators are diverging, warning us of a strong bounce. Will the NFP provide the causation?

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Magenda line - resistance

The dollar index is trading below both the tenkan- and kijun-sen indicators as well as below the downward sloping trend line. Resistance is at 93-93.15. The short-term support is found at 92.50.

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On a monthly basis the price has broken below the tenkan- and kijun-sen, approaching the monthly Kumo (cloud) support at 91.70. A bounce off 91-92 area could provide a bounce towards 98 if strong enough. However my minimum bounce target is at 95-96.The material has been provided by InstaForex Company - www.instaforex.com