Ichimoku cloud indicator analysis of USDX for February 5, 2018

The Dollar index remains in a bearish trend as it continues to trade below the 4-hour Kumo. Price continues to challenge the 4-hour Kumo (cloud) resistance but so far buyers are not strong enough to provide a reversal signal yet.


Black rectangle - resistance

Red lines - bearish channel

The Dollar index is trading below the 4-hour Kumo (cloud) resistance. Short-term resistance and trend change level remains at 89.60. A break above it will mean price is above the horizontal resistance and above the Cloud. Support is at 89.10-88.95 where we find the 4-hour kijun- and tenkan-sen respectively.


On a daily basis, the Dollar index remains in a bearish trend. Price remains below the daily tenkan-sen. A daily close above it (89.28) will be a bullish sign. If broken upwards, target is at 90.56. Cloud resistance on a daily basis is at 92.82.

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