The Dollar index remains in a bullish trend and is approaching our next target of 104. Despite many indicators being in the overbought area with bearish divergence signs, price continues to make higher highs and higher lows. Bulls need to raise their stops to 102.50.
Red lines – bullish channel
Blue horizontal line – support
Price is above the Ichimoku cloud and inside the bullish channel on the 4 hour chart. Oscillators are overbought and diverging. If the support at 102.50 is broken, the short-term trend will change to bearish. Resistance is at 104.25 where my upside target is found.
Red lines – bullish channel
Green line – long-term support
Price has broken above the long-term 61.8% Fibonacci retracement resistance and continues to trade higher. Price is above the weekly cloud and inside the bullish red channel. As long as the index is above 100, the long-term trend will remain bullish. Oscillators are giving warnings for bulls. No reversal confirmation yet.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The Dollar index remains in a bullish trend and is approaching our next target of 104. Despite many indicators being in the overbought area with bearish divergence signs, price continues to make higher highs and higher lows. Bulls need to raise their stops to 102.50.
Red lines – bullish channel
Blue horizontal line – support
Price is above the Ichimoku cloud and inside the bullish channel on the 4 hour chart. Oscillators are overbought and diverging. If the support at 102.50 is broken, the short-term trend will change to bearish. Resistance is at 104.25 where my upside target is found.
Red lines – bullish channel
Green line – long-term support
Price has broken above the long-term 61.8% Fibonacci retracement resistance and continues to trade higher. Price is above the weekly cloud and inside the bullish red channel. As long as the index is above 100, the long-term trend will remain bullish. Oscillators are giving warnings for bulls. No reversal confirmation yet.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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