The Dollar index is reversing its downward trend at exactly the level I expected and posted in my previous analysis. The 61.8% retracement and the Ichimoku cloud are important support levels. These levels are seen in the daily chart.
We currently see price making a short-term trend reversal from the level we expected. Bears now want to see the index breaking to new lows below the Ichimoku cloud support and below the 79.70 level. On the other hand, bulls need to hold above these levels no matter what.
The Dollar index has broken the short-term resistance I posted yesterday and gave a short-term buy signal targeting the downward sloping trend line and the Ichimoku cloud in the 4-hour chart. The bottom at 79.75 is now an important level for bulls that if broken could push the index towards 79.50. Resistance is found at 80.15 and 80.35. Breaking above these two levels will confirm the trend change. Volatility is expected to rise today.
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