In our previous analysis we mentioned that it would be wise for risk lovers to take short positions near 81 with 81.50 as stop in case prices got another rejection. Prices got rejected and are now near 80.50 back testing the broken triangle. The Dollar index continues to remain weak and with no real strength signals.
The Dollar index has now moved into a price area where bears should start taking profits and bulls should start thinking of entering long positions with a 79.75 stop. This is a price level where we could see an upward bounce. Short-term support is found at 80.45 and short-term resistance at 80.80.
The bigger picture remains unclear. Prices still trade sideways. Prices are still trade below the important resistance area. Longer-term support at 79 and resistance at 81.50. Breaking above 81.50 will give 83.
The material has been provided by InstaForex Company - www.instaforex.com
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