The Dollar index has broken the bullish flag formation and has confirmed that wave 4 is complete and we have started wave 5 towards 83. The trend is bullish and Dollar strength is expected to continue this week. Price is above the Ichimoku cloud support and a new buy signal was given yesterday once price broke the bullish flag pattern at 81.70.
Support is found at 81.75. If broken we could see a pull back towards the Ichimoku cloud support at 81.50. The trend remains bullish. The bullish flag target is between 83-84. So, a pull back should be bought.
Wave 5 seems to be extending, so a push higher towards 83 is very possible. Important daily support is found at 81.70. Price has re-entered the upward sloping channel. The trend is up and we should see more Dollar strength this week.
The material has been provided by InstaForex Company - www.instaforex.com
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