Short term trend – Bearish
Intraday trend –Slightly Bullish
Ichimoku Analysis (1-Hour chart)
Tenken-Sen- 90.95
Kijun-Sen- 90.87
US Dollar index has shown a nice pullback from a low of 90.68. The index hits an intraday high of 91.04 and is currently trading around 91. The minor bullishness can happen only if it breaks 91.05 (100-H MA0\. A jump to 91.25 likely. The minor jump in US bond yields also supporting the US dollar index. The upbeat market sentiment and fast vaccine rollout is dragging the index down. Market eyes US Fed FOMC statement tomorrow for further direction.
The near-term resistance is around 91.25 (200-H MA), convincing close above confirms minor bullishness. A jump to 91.72/92 is possible.
On the lower side, immediate support stands at 90.80, any indicative break below will take the index to 90.60/90/89.79.
Ichimoku analysis- DXY is trading slightly above 1- Hour Tenken-Sen and Kijun –Sen. Any indicative violation above 91.72 confirms further bullishness.
Indicator (1 Hour chart)
CAM indicator – bullish
Directional movement index –bullish
It is good to sell on rallies around 91.25-28 with SL around 91.60 for a TP of 90.
