The Dollar index has broken the resistance area around 98.20-98.50 and is at 99 now. The price managed to push above the Ichimoku cloud and the downward sloping trend-line. The trend is bullish and we should expect the Dollar index to reach 100-101 again with a double bottom pattern at 96.
Green line= trend line resistance
Red line = Support
Blue line = projection if 96 was broken
The Dollar index is making short-term higher highs and higher lows. The higher low from Monday is now followed by a higher high made yesterday and this is an intermediate-term trend bullish signal. I expect the index to move to new highs as this scenario has even more possibilities now. Stop for bulls is at 96.20.
Orange lines = bullish channel
As I mentioned in my analysis on Monday, it was important for bulls to see a bounce from the level at 96.20 as the early gap down was testing the lower boundary of the upward sloping channel this week. The weekly candle is an impressive bullish candle that has broken above the tenkan-sen once again and confirmed the bullish channel support. Long- and medium-term trend remains fully bullish. Long-term important resistance is at 100.40. If broken we should see a breakout towards 101.50-102.
The material has been provided by InstaForex Company - www.instaforex.com
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