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24.08.2017 09:42 AM
Ichimoku indicator analysis of USDX for August 24, 2017

The US dollar index got rejected as expected after back testing the broken channel and cloud resistance. I expect the dollar index to push lower towards 91.60 over the coming weeks.

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Red lines - bearish channel

The dollar index is trading below the 4 hour Kumo. Yesterday we back tested the broken channel and the Kumo cloud. The rejection is a bearish sign. Support is at 93.10 and the next one at 92.90. Resistance is found at 93.40 and the next one at 93.55.

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The daily candles in the dollar index suggest a rejection and a push lower towards 91.60. A move of similar size with the first part of the decline from 97.60 is expected. Trend is clearly bearish in the daily chart with no reversal signs.
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