Nothing much has changed in the Dollar index. Price action remains sideways. Prices did not manage to reach 81 yesterday and pulled back towards support at 80.50. The longer term trend remains neutral. The decline from 81.50 is corrective and not impulsive and that is why we wait to receive a valid reversal signal to enter a long position.
The triangle remains valid as prices continue to trade within it. The MA has a neutral slope and the price action as shown above remains overlapping. Short-term resistance is found at 81 and short term support at 80.40-50. Breaking either level will start a new trend. We buy if we break above 81 or near 80.50 with 80.35 stop. We sell if 80.40 is broken or near 81 with 81.20 stop reverse.
The daily chart continues to confirm that the trend is sideways. The 2 MA are converging and we believe soon we will get a buy or sell signal. For now we remain neutral.
The material has been provided by InstaForex Company – www.instaforex.com
Nothing much has changed in the Dollar index. Price action remains sideways. Prices did not manage to reach 81 yesterday and pulled back towards support at 80.50. The longer term trend remains neutral. The decline from 81.50 is corrective and not impulsive and that is why we wait to receive a valid reversal signal to enter a long position.
The triangle remains valid as prices continue to trade within it. The MA has a neutral slope and the price action as shown above remains overlapping. Short-term resistance is found at 81 and short term support at 80.40-50. Breaking either level will start a new trend. We buy if we break above 81 or near 80.50 with 80.35 stop. We sell if 80.40 is broken or near 81 with 81.20 stop reverse.
The daily chart continues to confirm that the trend is sideways. The 2 MA are converging and we believe soon we will get a buy or sell signal. For now we remain neutral.
The material has been provided by InstaForex Company – www.instaforex.com
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