The Dollar index is consolidating sideways in a triangle formation. It is now testing the upper triangle boundaries and we can see a strong break out that will give us a short-term buy signal with 84.75 as target. Trend is sideways for the short-term but bullish for the intermediate-term.
Red line= resistance
Blue line= support
According to Ichimoku cloud terms, trend remains bullish as price is above the Ichimoku cloud support. Soon we should expect an upward break out towards 84.75 at least. The signal will be givenwhen price breaks 84.37.
Red line = resistance
Blue line = support
The daily chart continues to favor bulls. Trend is clearly bullish and the ichimoku cloud indicators point higher. The recent sideways action is most probably a pause to the rise and we should soon expect another upward break out towards 85. We remain bullish as long as price is above 84.
The material has been provided by InstaForex Company - www.instaforex.com
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