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11.10.201709:03 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for October 11, 2017

Long-term review
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The Dollar index made new lows yesterday interrupting the recent sequence of higher highs and higher lows that started back at 91. Short-term trend is now neutral as price has entered inside the 4-hour Kumo.

Exchange Rates 11.10.2017 analysis

Yellow rectangle - resistance area

Black rectangle - support area

In the 4-hour chart the Dollar index is in neutral trend as it is inside the Kumo (cloud). Next support level is at 93-92.90. Resistance is at 93.50-93.70.

Exchange Rates 11.10.2017 analysis

Black lines - bearish channel

On a daily basis, we have the first bearish confirmation as price has closed below the tenkan-sen (red line indicator). Still trading inside the bearish channel and being rejected at the upper channel boundary is a bearish sign. Daily support is at 92.80. Closing below it will be a very bearish signal implying new lows ahead.

Alexandros Yfantis
Analytical expert of InstaForex
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