The Dollar index remains in downtrend. Price is below the Ichimoku cloud in the 4-hour chart and is making lower lows and lower highs. The triangle break down has pushed prices towards 80.25 and I believe that selling pressure is not over yet. I expect the index to move towards 80.
Short-term support is found at 80.15 and short-term resistance is at 80.50. Important reversal level is the 80.70 price level. As long as we trade below that price, we remain in bearish trend targeting 80 and lower. A break above that price level will turn trend to bullish and will give me 81.50 as the first target.
The Dollar index remains supported by the 38% retracement. If this support continues to hold, we could see a re-test of the 80.70 level. If support at the 38% retracement fails, I expect price to move below 80.
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