The Dollar index has not moved much since yesterday, so we have no new signals to post. The index remains inside a neutral zone, with equal distance between resistance and support. We prefer to be neutral. If prices close at support at 80-79.90, we can try and go long in case a bounce occurs. If prices go near 80.40 resistance we could try to go short with the last high as a stop.
The Dollar index is making lower lows and lower highs and the 4-hour chart as shown above. Short-term trend is down. Support at 80-79.90 should be held for bulls to have any chance to re-test the black upward sloping trend line resistance.
The daily chart causes some concerns as the bearish flag has broken downwards and there is increased probability that we re-test 79.90 and/or 79.75. It is important for bulls to make a daily close above 80.40 in order to have chances of reaching 80.65 or even 81.
The material has been provided by InstaForex Company - www.instaforex.com
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