Ichimoku indicator analysis of USDX for November 10, 2017

The Dollar index has entered the Ichimoku cloud. Trend has changed to neutral. However medium-term trend remains bullish as price is making higher highs and higher lows.

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Blue line - trend line support

The Dollar index short-term trend is neutral as price has entered inside the Ichimoku cloud. Support is at the lower cloud boundary and at the blue trend line support at 94.28-94.20. Resistance is at 94.75.

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On a weekly basis, we see price turn around as it is being rejected by the weekly kijun-sen (yellow line indicator) and the 38% Fibonacci retracement. This is a bearish sign that will at least push price towards the tenkan-sen (red line indicator). I remain longer-term bearish but we do not have a confirmation yet that the entire upward corrective bounce is complete.

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