USDX technical analysis for June 3, 2015 Market Analysis Review

The US Dollar Index pulled back after the impulsive move from 93.10 to 97.80. Yesterday's breakdown canceled the bullish scenario of another short-term new high as support at 96.70 was broken. The correction was deep and I expect reversal from the 61.8% retracement.

The US Dollar Index has been rising impulsively and has made a three wave corrective pullback towards the 50% retracement. I will not be surprised to see a deeper pullback towards the 61.8% retracement.

In the daily chart, the US Dollar Index got rejected at the Ichimoku cloud but found support at the kijun-sen price level. Reversal to the upside from current levels will be a very bullish signal. New highs above 97.80 will also be a very bullish signal. I will remain bullish in the long term as long as the price is above 93.10.

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