Quick Technical Overview - Dollar Index: bullish ranging near reversal levels
Weekly price is on bullish market condition with the secondary ranging within the following key support/resistance levels:
- 100.39 located above Ichimoku cloud in the primary bullish area of the chart, and
- 92.62 located inside Ichimoku cloud in the ranging bearish area of the chart.
Descending triangle pattern was formed by the price to be broken from above to below for the good possible breakdown of the price movement with the reversal to the bearish market condition. Chinkou Span line is located near and above the price to be ready for possible breakout/breakdown in the near future.
| Resistance | Support |
|---|---|
| 14.69 | 92.62 |
| 100.39 | N/A |
If W1 price will break 92.62
support level on close W1 bar so we may see the reversal of the price movement to the primary bearish market condition with the secondary ranging: the price will be located inside Ichimoku cloud in this case.
If W1 price will break 100.39
resistance level on close W1 bar so the bullish trend will be
continuing.
If not so the price will be ranging between the levels.
Trend:
