U.S dollar index long-term technical analysis

The trend of U.S dollar index continues bullish in June after another higher close above 94.00. However, the rate of increase has slowed especially near 95.00. This month, the index attempt to move above 95.00 and face another rejection. Currently, the index traded near its opening level and could go down to test 94.00 before resuming its uptrend.

Job data at the beginning of the month will become the major focus. Aside from the data, trade wars issue also will heavily influence the major direction of U.S dollar index. Intensifying trade wars issue might lead the index above 95.00.

New Month

Monthly chart

95.00 on the monthly chart stay unchallenged in June, and the test at the beginning of July could not breach it. This month, the index expected to move between 94.00 – 95.00 until breakout happen. Overall, the trend is bullish and bearish correction allowed until the orange box area.

Weekly chart

U.S dollar index on the weekly chart stick near WSMA 200 and showing no major rejection. The bull might be chipping away the strength of the bear slowly. If the WSMA 200 give way for the bull, then we could see the index resume its upward movement toward 50% retracement at 97.41

Daily chart

The trend continues bullish on the daily chart without any lower low and lower high printed on the chart yet. There is no reason to become bearish at this point, and traders could enter a long position in U.S dollar pair when bearish correction happen.