Technical analysis of USDX for April 25, 2016
The Dollar index made a breakout on Friday to new short-term highs but still holds below the 95.20 important resistance. This resistance was once tested and prices got rejected. I believe we can see another attempt to break above it this week. I see fewer chances of new lows in the Dollar index.
Black line - trend line resistance (broken)
The Dollar index needs to break above the recent high soon. The more time it takes to break it, the fewer chances it will have. The price is again above the Kumo. Support is at 94.40. Resistance remains at 95.20.
Black line - trend line resistance (broken)
The Dollar index managed to break above the downward sloping trend line resistance last week. The price has reached the kijun-sen (yellow line indicator) and the short-term upward reversal has paused. A clear break above 95.20 will open the way for a move at least towards 96. This is where the next important resistance is found.
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