The US Dollar Index remains in a bullish trend although today we see some short-term reversal signals. We might see a short-term pullback, but the overall trend remains bullish with new highs as targets.
The US Dollar Index is moving towards higher highs and higher lows. The price is above the Ichimoku cloud. There are some signs of possible reversal and a pullback towards the previous resistance area around 97.30 could be justified as a back-test. Bulls remain in control of the trend.
The weekly chart remains bullish as the price remains above the kijun- and tenkan-sen and has briefly broken above the blue horizontal trend-line resistance. The weekly chart remains bullish in the longer-term. As long as the price is above 95.50-95 area, the trend will favor bulls with targets above 100. The kijun- and tenkan-sen indicators are now with a positive slope again and this is a bullish sign as well.
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 July 20, 2015 . Thanks for your support.
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