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Technical analysis of USDX for June 30, 2016

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The Dollar index continues to trade inside the consolidation range and inside the pennant formation. The trend is neutral for the short term, but I expect an upward breakout towards 99 over the coming weeks.

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Black lines - pennant formation

The Dollar index is trading above the Kumo on the 4 hour chart with the stochastic oversold and turning upwards. I expect some Dollar strength to be seen in the market soon. Support is at 95.60 and resistance at 96.30.

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The weekly candle is getting weaker and is testing the lower cloud boundary support. This pullback is justified after the gap-up open on Monday, and I believe that only partially will the gap be filled, and the prices will reverse to the upside soon for the Dollar index.The material has been provided by InstaForex Company - www.instaforex.com
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