The Dollar index has broken downwards and out of the sideways consolidating triangle. Yesterday I was neutral waiting for a signal but also mentioned that I preferred a bearish scenario as the most probable outcome since price was very close to strong resistance.
The Dollar index is in short-term down trend. Price is below the Ichimoku cloud resistance. The thin cloud was broken downwards and a new trending move started as we expected to happen.80.60 is important resistance for the Dollar index. I'm bearish as long as price is below that level. I see the index reaching 80 soon.
The Dollar index is reaching the 38% retracement once again and I believe we could see the 80 price level as wll. This is where the Ichimoku cloud is on the daily chart. I believe this is strong support that will hold the decline. However I remain bearish until I see a reversal signal.
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