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A Technical Overview of the Forex Market
The technical view on dollar index seems to be bearish. The price appears below the Kumo, the lines Tekan Sen, and Kijun Sen appear to be out of the Kumo too. However, there are some clues which could be interpreted as signs of a potential reversal.
The lines Kijun Sen and Tekan Sen seem to be in a bullish formation, and the Chikou Span appears to be in the price. It could be noticed the potential formation of a triple bottom. In order to be able to spot a potential bullish signal, we could go to the 1H time frame and wait for a confirmed Kumo break out above.
EURUSD
In accordance with the Ichimoku system, this pair seems to be bullish. It could be noticed that the cloud appears to be aggressively up and the price seems to be above the cloud. Nevertheless, we may notice whether the Tekan Sen and Kijun Sen are moving towards a potential bullish formation and if the Chikou Span is out of the price. Moreover, we could go to lower time frames, such as 1H, and wait for a confirmed Kumo break out signal above.
USDJPY
Following the Ichimoku approach, this pair seems to present a downtrend. The cloud seems to be aggressively down, the price appears out of the cloud, the lines Tekan Sen and Kijun Sen seem to be in bear formation, and Chikou Span appears out of the price. It could be noticed that the price is on the Tekan Sen. Moreover, if the Kumo breaks out in the 1H time frame, then we could have a potential bear signal.
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