The Dollar Index has broken down on Friday and is now trading just above 82.10. Raising the stop for bulls to 82.40 on Friday protected the long positions and the index is still trading lower. The upward move from 81.10 is most probably over and the index is now in a corrective movement.
This downward correction does not seem to be over yet. However, if prices break above 82.30, there might come a re-test of the recent highs. Prices are now trading in the vicinity of the previous 4th corrective wave of the upward wave from 81.10.
Prices are most probably making the 4th wave related to the previous 3 wave action from 80.76. The 5th upward wave should be expected this week towards 83. Concluding, we remain neutral after Friday waiting for new trading signals. Prices are expected to end the downward correction somewhere between 82 and 81.80. Breaking above 82.30 could be a bullish signal but we have to be very cautious as the correction seems incomplete. Longer-term view remains unchanged and bullish targeting the 84-85 price levels.
The material has been provided by InstaForex Company - www.instaforex.com
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