The Dollar index gave a sell signal yesterday for the short term as the triangle pattern was broken downwards and the index fell towards 93.20. The short-term trend is bearish but the longer-term trend remains bullish. Important support level at 92. Holding above it will be a buy opportunity for next leg up towards 100.
Green line = resistance
The Dollar index is making lower highs and lower lows in the short term and has broken below the Ichimoku cloud. As long as the index is below the green trend line, then trend will remain bearish in the short-term. Resistance is at 94.50. If it is broken, we will have increased chances of starting a new upward move.
Blue lines = price channel
The Dollar index remains in an upward sloping price channel confirming that trend is bullish. There are signs of a short-term top at least as this pullback could push the index towards the lower channel boundaries at 92. Ichimoku cloud support is at 90 if the price breaks below the channel. The long-term trend is bullish with 100 as target.
The material has been provided by InstaForex Company - www.instaforex.com
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