FX.co ★ Ichimoku cloud indicator analysis of USDX for June 1, 2018

The Dollar index is in a bullish trend. Price pulled back from the weekly resistance at 95 and has tested successfully the 4 hour Ichimoku cloud support. As long as price is above this 4 hour support we could see a new higher high. A break below the cloud support will confirm that the top is in.

Blue line - trend line support

The Dollar index has broken below the trend line support but holds above the 4 hour Kumo. We could see a bounce to back test the broken trend line and then a rejection today after the NFP announcement. Support is critical at yesterday's lows around 93.75. Any close today below 93.80 will be very bearish for next week. On the other hand a weekly close above 94.35 will be bullish. I remain bearish the Dollar.