The Dollar index has broken above the short-term support but did not continue higher as it was expected. This is a weakness sign or that it is not the right time for bulls yet. The good thing for bulls though is the fact that price is above the Ichimoku cloud resistance.
Short-term resistance is found at 80.25. Short-term support is found at 80.05 and 79.95. Breaking below 79.95 will put the 79.75 lows to the test. This is something bulls do not want. Breaking above 80.25 will most probably push the index towards 80.35-80.40.
The daily chart remains supported. However, there is still something inside the Ichimoku cloud that tells me the trend is mainly neutral. The trend will change to bullish if we break above 80.40, whereas it will turn to bearish if we break below 79.75. There is no clear buy or sell signal as the price is moving mainly sideways. I prefer to wait for a strong signal before taking action. However, longer-term view remains in favor of the bulls.
The material has been provided by InstaForex Company - www.instaforex.com
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