I know not a lot of people normally analyse the dollar index, my broker does not support it but can still analyse this.
MONTHLY CHART
On the monthly chart biggest dollar weakness seems to be over. The facts:
-Price dropped of like a year ago, broke lows, so created a downtrend. Price recently tried to break highs to go bullish again but looks like it failed. So now we aim back for the 92 area.
-There are some channel and trendlines really important to the next price action: the trendline starting from 2011 made the 3rd touch in the beginning of this year (2018), which confirms this trendline. It's not the strongest trendline ever, but it's a thing you need to keep in mind.
-The 92 level is very strong. 6 touches already which is quite a lot. Also, those trend/channel lines are close to that level. Predictiing what price will do if this drops of, price is likely to form up a inverse head and shoulder, which is also more evidence that price might go up.
Conclusion: We are still in a bear market here, but we've got quite a lot of evidence that price is about to change direction to bullish in the near future.
WEEKLY CHART
Zoomed in, we see a clear rejection at the highs, actually indecision, but strongly rejecting the 'edge'.
-Solid break above 95 means we see an uptrend starting.
-For now, heading down towards 90 to test levels again for more support.
Conclusion: Definitely bearish after the sell off around the 'edge' of the breakout level.
DAILY CHART
On the daily price already broke a wedge to the downside.
-Price might struggle around the 92.5 area, but futher targets are down to 90. Clear wedge break.
Conclusion: Same as on the weekly, bearish outlook.
4HOUR CHART
Same view, little bit more data, still bearish.
MONTHLY CHART
-Price dropped of like a year ago, broke lows, so created a downtrend. Price recently tried to break highs to go bullish again but looks like it failed. So now we aim back for the 92 area.
-There are some channel and trendlines really important to the next price action: the trendline starting from 2011 made the 3rd touch in the beginning of this year (2018), which confirms this trendline. It's not the strongest trendline ever, but it's a thing you need to keep in mind.
-The 92 level is very strong. 6 touches already which is quite a lot. Also, those trend/channel lines are close to that level. Predictiing what price will do if this drops of, price is likely to form up a inverse head and shoulder, which is also more evidence that price might go up.
Conclusion: We are still in a bear market here, but we've got quite a lot of evidence that price is about to change direction to bullish in the near future.
WEEKLY CHART
-Solid break above 95 means we see an uptrend starting.
-For now, heading down towards 90 to test levels again for more support.
Conclusion: Definitely bearish after the sell off around the 'edge' of the breakout level.
DAILY CHART
-Price might struggle around the 92.5 area, but futher targets are down to 90. Clear wedge break.
Conclusion: Same as on the weekly, bearish outlook.
4HOUR CHART
