FX.co ★ #USDX technical analysis for April 21, 2015

The Dollar index broke the short-term downward sloping channel yesterday and gave a short-term buy signal. The price is moving higher and a new higher low has confirmed that trend remains bullish despite the big price swings. Important resistance at 99.20 with targets ta new highs will give a buy signal if gets broken

Orange lines= bearish channel

The Dollar index has broken the bearish channel and is back inside the Ichimoku cloud in the 4-hour chart. If it manages to break above 99.20 where the top of the cloud resistance is found, we should expect more buying pressures on the upside towards 101.

Green line= broken resistance

The Dollar index is trying to break above the Ichimoku cloud resistance. It has broken the green trend-line resistance and has also tested it back successfully. The Dollar index made a new higher low and if we see a new higher high I would expect explosive upside move towards 103.