09.08.201701:01 Forex Analysis & Reviews: Ichimoku indicator analysis of USDX for August 9, 2017

Long-term review

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The Dollar index is in a process of reversing its medium-term bearish trend and is going to push to higher levels. Short-term trend has changed to bullish and I continue to believe that a strong Dollar bounce is what we currently see at its early stages.

In the 4-hour chart, the Dollar index has broken out of the Ichimoku cloud. However strong resistance is found in the short-term at 93.80. Short-term support is at 93.20 where the kijun-sen is found. The trend is bullish as the price is making higher highs and higher lows.

As mentioned in previous posts, the weekly reversal hammer in the Dollar index needs confirmation this week. So far the following candle of the current week supports the bullish weekly reversal in the index. I remain bullish the Dollar.

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