Ichimoku Analysis (4-hour chart)
Tenken-Sen- 100.35
Kijun-Sen- 100.07
US Dollar index has once again declined after hitting a high of 100.49 due to weak US retail sales. US retail sales declined sharply by -16.4% in Apr below expectations of -12%. Excluding autos, it came at -17.2% vs estimate of -8.6%. The index hits an intraday low of 100.08 and is currently trading around 100.09.
On the flipside, near-term support is around 99.87 (200-4H MA), and any violation below targets 99.55/99.23. Major bearishness only if it breaks 98.65.
The immediate resistance is around 100.60, an indicative close above will take the index till 100.87/101.20/101.85.
It is good to sell on rallies around 100.25-30 with SL around 100.60 for TP of 99.25.
