Ichimoku Analysis (4-hour chart)
Tenken-Sen- 99.78
Kijun-Sen- 99.72
US Dollar index has halted its 3 days of losing streak and shown a minor jump of 40 pips. The index has formed a double near 100.60 and declined more than 150 pips on broad-based US dollar selling. The demand for safe-haven assets like the US dollar declined slightly due to optimism in COVID 19 vaccine. Markets eye US Initial jobless claims, Philly fed manufacturing index for further direction.
On the flipside, near-term support is around 98.89 (100- day MA), and any violation below targets 98.57/98.27. Major bearishness only if it breaks 98.25.
The immediate resistance is around 99.70 (7- day MA), an indicative close above will take the index till 99.82/100. Any breaks above 100.60 confirm bearish reversal and jump till100.87/101.20 likely.
It is good to sell on rallies around 99.65-70 with SL around 100.10 for TP of 98.25.
