USDX technical analysis for July 16, 2015 Market Analysis Review

The US Dollar Index bounced as expected from short-term support yesterday and hit a new short-term higher high confirming the bullish trend. The bullish scenario is gaining more points as the price is heading towards higher highs and the weekly chart is approaching important weekly resistance at 98. Bulls should be very cautious.

Support is found at 97-97.20. and then at 96.50 by the Ichimoku cloud. Resistance is at 98. The trend is bullish and as long as the price is above 96, the bullish scenario will be my preferred one.

Blue line - medium-term trend line resistance

The medium-term trend line resistance is broken and the weekly candle is making a higher high than the previous one. This is a bullish sign for what we should expect over the coming weeks. The weekly chart is clearly above the kijun- and tenkan-sen indicators confirming bullish trend. New highs above 100 should be expected if this trend continues.

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