FX.co ★ #USDX Technical analysis for April 17, 2014

The Dollar index has slid lower in the last couple sessions as expected since resistance was not broken. The Dollar index is finding it hard to break above 79.90-80 resistance. The trend is down. The Dollar index is more probable to head lower as it is being rejected by the resistance of the Ichimoku cloud.

Short- and intermediate-term trend remain down. If the Dollar index remains below 79.90, we should expect the price to move towards 79.50 at least. A break above 79.90 will push towards 80 and 80.10 where resistance is.

The longer-term downward sloping trend line remains above the current price. The Ichimoku cloud remains above the price in the daily chart. Bears continue to have the upper hand. Bulls will need to break above 80 at first and then above 80.70 to confirm trend reversal.