The dollar index is close to breaking upwards and is exiting the triangle pattern. The longer-term trend remains bullish and my longer-term target remains at 100. I believe that breaking above 95 will be a good sign for bulls and the end of the consolidation period and the start of a new upward move.
Green line = resistance
Blue line = support
The dollar index is still inside the big trading range but in the short-term we see signs of breaking above the Ichimoku cloud and making higher highs and higher lows in a sequence. Support is at 94.40 and resistance at 95.
Black lines = triangle pattern
On a daily chart we observe the dollar index testing the upper triangle boundaries at 95. The price is above the tenkan-sen and kijun-sen ichimoku indicators. The price is also above the cloud support and a break above the triangle will be a bullish signal with a possible target of 97 for the short-term. My longer-term target remains at 100-101 where the monthly 61.8% retracement of the decline from 121 to 70 is found.
The material has been provided by InstaForex Company - www.instaforex.com
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