The Dollar index remains in downtrend, below the resistance trend line and below the Ichimoku cloud. Price is just above the important support at 79, but it has already broken previous lows at 79.20. There are more chances of seeing a continued move lower towards 78.50 than a reversal now. However bears should protect their positions with stop orders.
Price has spiked lower yesterday breaking previous lows at 79.35 and 79.20. The trend is clearly down. Short-term resistance is found at 79.65 while short-term support is found at 79. I believe there is more selling to come and so I anticipate by the end of the week that we will see below 79 and towards 78.50.
Daily trend remains down. Price is heading lower towards 78.70 first and maybe lower. Bears have the upper hand now but should also lower their stops to 80. Some profit taking is advised below 79. If the dollar index manages to break below even 78 price level, we should anticipate more selling towards 75-76 level. Concluding, we remain short targeting below 79.
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