The Dollar index remains in a bearish short-term trend after the rejection last week from 102.30 and the break below 101. The Dollar index is most probably heading lower towards 99.50 where the neckline support is found.
Blue lines – divergence trend lines
The Dollar index is showing bullish reversal signals on the 4-hour chart. Price could bounce today higher but this will most probably be a selling opportunity. The bounce could reach the 101 level.
Red line – resistance
Black line – neckline
Green line – long-term support
Short-term support is at 99.88 and resistance at 101. Longer-term support is at 99.25 and resistance at 102.30. We could still be forming the right hand shoulder as per the bearish scenario of a Head and Shoulder pattern. If price breaks below 99, we should expect the Dollar index to reach 96.
The material has been provided by InstaForex Company – www.instaforex.com Source: Instaforex.com
The Dollar index remains in a bearish short-term trend after the rejection last week from 102.30 and the break below 101. The Dollar index is most probably heading lower towards 99.50 where the neckline support is found.
Blue lines – divergence trend lines
The Dollar index is showing bullish reversal signals on the 4-hour chart. Price could bounce today higher but this will most probably be a selling opportunity. The bounce could reach the 101 level.
Red line – resistance
Black line – neckline
Green line – long-term support
Short-term support is at 99.88 and resistance at 101. Longer-term support is at 99.25 and resistance at 102.30. We could still be forming the right hand shoulder as per the bearish scenario of a Head and Shoulder pattern. If price breaks below 99, we should expect the Dollar index to reach 96.
The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com
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