The Dollar index after back testing the broken triangle has started another move upwards towards the important resistance area of 81-81.50. Chances are now again in favor of the bullish scenario. There are increased chances that this time the resistance at 81.50 will be broken and the index will eventually start a new upward move towards 83.
Prices are rising in an impulsive form and short-term resistance at 81.15, which should easily break soon. The price pattern that is forming has created a higher low at 80.40 relative to the low at 79.75. We expect prices to continue higher and bulls should use 80.40 as stop. We favor long positions.
The daily chart shows how prices are trying once again to break above the red resistance area. This area is of high importance. If broken, we will see 83. The MA are starting to take a neutral slope and could soon change to a positive slope if prices break resistance at 81.50. This will confirm bullish trend and will support our bullish scenario.
The material has been provided by InstaForex Company - www.instaforex.com
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