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Technical analysis of USDX for September 26, 2016

The Dollar index remains vulnerable as price continues to trade inside the triangle pattern. Trend remains neutral. No clear direction for the medium-term. Traders need to be very patient and cautious.

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Green line – short-term support (broken)

Blue line- long-term trend line support

Black line – horizontal resistance

Dark blue line – trend line resistance

The Dollar index remains above the critical blue trend line support but continues its choppy action around the 4 hour Ichimoku cloud. This price action confirms the neutral trend we are currently in. This kind of trend phase can destroy short-term traders as most short-term signals are fake. That is why we need to focus on the bigger picture and the longer-term support and resistance levels.

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Green line – trend line support

Last week’s weekly candle closed below the tenkan-sen (Red line indicator). Price remains below the weekly Ichimoku cloud but also above the green long-term trend line support. A break below 94.60 will be an important bearish signal while a breakout above the Ichimoku cloud resistance at 96.50 will be a bullish signal. Traders should wait to trade in favor or against these levels and not sooner.

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

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Technical analysis of USDX for September 26, 2016 Reviewed by on . The Dollar index remains vulnerable as price continues to trade inside the triangle pattern. Trend remains neutral. No clear direction for the medium-term. Trad The Dollar index remains vulnerable as price continues to trade inside the triangle pattern. Trend remains neutral. No clear direction for the medium-term. Trad Rating:
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