The US Dollar index continues to trade inside the trading range. There is nothing new to add to our analysis. Traders should better wait and be neutral. I prefer opening a position only after a breakout has occurred. I prefer to open a long position if the price's breakouts as the longer-term trend remains bullish.
Green line = resistance
Blue line = support
The US Dollar index continues to trade around the Ichimoku cloud and inside the trading range of 95 and 93.40. The trend is neutral. There is no clear direction in the market right now and that is why I prefer to be neutral and wait.
Black lines = triangle pattern
The Dollar index continues to trade between the tenkan-sen and the kijun-sen and inside the triangle pattern. The trend is neutral. The price is approaching the edge of the triangle and the distance between the boundaries is closing. This means that soon we shall see a breakout above or below it. If we break below the triangle we should expect a push towards 93. If we break above it, we should expect to see new highs.
The material has been provided by InstaForex Company - www.instaforex.com
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