Technical analysis on USDX for April 16, 2018

Source: Forex Analysis

Bears remain in control of the Dollar index as long as the price is below the 90.30-90 level. The trend remains bearish as price is still below the Ichimoku cloud. The price is trying to break back above the previously broken downward sloping resistance trend line at 89.85.

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Blue lines – trading range

On a daily basis, there is no trend change as price remains inside the trading range and below the Daily cloud. Bulls need to overcome the 90-90.30 resistance for a possible bounce towards 91.70. On the other hand, a rejection here below the cloud and a break below 89.30 will open the way for a push back to 2018 lows.

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