FX.co ★ Technical analysis of USDX for September 15, 2016

The Dollar index got rejected at resistance yesterday and pulled back towards 95 but with buyers still supporting it and no clear domination of either bullish or bearish side. Price remains trapped inside the big triangle pattern and traders should be cautious and patient.

Black line - resistance

Blue line - support

Short-term support is at 95 and below that at the critical support trend line at 94.60-94.70. Resistance is at 95.45 and after that at the upper triangle boundary at 95.80. The trend is neutral. Price is trading around the clouds with no clear direction.

The fact that the weekly candles are below the weekly cloud, oscillators have a negative slope, price is making lower lows and lower highs since 97.60, I believe that in the end we will see a break below the green trend line support and a test of the 92 level. The signal will be given with the break of the kijun- or tenkan-sen indicators (yellow or red lines indicators).