Ichimoku indicator analysis of USDX for December 22, 2017

The Dollar index tried to bounce and resume the up trend yesterday but got rejected at the cloud resistance and remains inside a downward sloping triangle, what is most probably a bullish wedge pattern.


Black lines - bullish wedge

Trend remains bearish as price is making lower lows and lower highs. Price bounced yesterday towards cloud resistance but got rejected. Price remains below the 4-hour cloud and this is not good for bulls. Support is at 93.15-93. Resistance is at 93.50-93.60. Important resistance that will change trend to bullish is at 93.80.


So far the weekly candle is a rejection candle. This is not good for bulls. Bulls must do something today to save the day. A weekly close above 93.60 would be very bullish for next week. However a weekly close at current or lower levels would be bearish and put the 92.50 low in danger. I'm dollar bullish expecting the Dollar to bounce strongly from current levels.The material has been provided by InstaForex Company - www.instaforex.com