The Dollar Index did not make any significant price move on Friday and it is mostly moving in a sideways pattern. This is not very bullish but at least the important support levels in the intermediate term are held. As mentioned in previous posts, the rise from 80.50 is over and the correction has reached the 50% retracement. We believe that it is most probable that the correction ends at that level and it is now time for prices to start moving uprwards. However, we have no clear sign of an impulsive move upwards.
The long-term trend remains up as long as prices are trading above 80. Intermediate term trend is down as long as prices trade below 83.85. Short-term trend is up as long as prices trade above 82.60. We want prices to move in a pattern that clearly makes higher highs and higher lows in order to bullish momentum to be built.
We remain cautiously bullish and we want prices to hold above the recent lows at 82.85-60 and to manage to break above the 83.30 short-term resistance. If prices manage to break above that level, I believe the 83.85 resistance will surely be tested and I favor to see a break above that level. Until then, we remain cautiously bullish.
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