The Dollar index is starting the day very weak as short-term support at 97 was broken. The Dollar index is making a Head and Shoulders pattern and is testing the neckline support at 96.80 now. If this support is broken, we should expect more selling to follow and a push much lower than 96 in the index.
Green line= Head and Shoulder Neckline
The Dollar index is testing the neckline support. The price is below the Ichimoku cloud. The price has broken the short-term support at 97 and is testing the important support. We could see a push towards 93.
The weekly chart is turning bearish. A weekly close below the tenkan-sen indicator will signal more downside expected towards the yellow line (kijun-sen). The Dollar index will confirm its break down if it breaks below 96.20.
The material has been provided by InstaForex Company - www.instaforex.comFor detail explanation and best discovery on daily market trends and news you may visit via #USDX technical analysis for April 24, 2015 . Thanks for your support.
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