Technical analysis on USDX for May 3, 2018 - Forex247

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Thursday, May 3, 2018

Technical analysis on USDX for May 3, 2018

The Dollar index continues to make higher highs and higher lows. Trend remains bullish as price remains inside the bullish channel. The warnings from the RSI bearish divergence are still there but now we have also another reason to exit longs. Price has reached very close to the triangle breakout target.

analytics5aeab80035ee3.png

Black lines - triangle

Blue lines - triangle breakout target

The Dollar index is above the Ichimoku cloud. Price has reached the triangle breakout target very closely. The 61.8% Fibonacci retracement of the decline from 95.15 is also around this area so Dollar bulls should be very cautious at current levels. Trend remains bullish as long as price is above the Daily cloud at 90. A break below it opens the way for a push to new lows below 88.

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


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