The Dollar index tried yesterday to make a new high but all it managed to do was a triple top around 81.50. The current sideways move looks corrective and the prices are soon to reach the upward sloping supportive trend line as shown on the chart. There will not be a fourth top. Next time the prices reach 81.50 they will break upwards towards 81.70-82.
The prices are trending sideways for the short term and up for the intermediate term. The prices should remain above the blue trend line to continue the upward intermediate term trend. Short-term support is found at 81 and at 80.90.
Resistance is found at 81.50 for the short term and at 81.65-70 for the longer term trend. We expect the uptrend continues higher as the prices are moving upwards in an impulsive pattern. Long-term support is found at 80.40 and long-term resistance is found at 82.25. Concluding we are bullish as long as the prices trade above 80.90. Otherwise, we will look to buy near 80.50 if support fails with 79 as stop.
The material has been provided by InstaForex Company – www.instaforex.com
The Dollar index tried yesterday to make a new high but all it managed to do was a triple top around 81.50. The current sideways move looks corrective and the prices are soon to reach the upward sloping supportive trend line as shown on the chart. There will not be a fourth top. Next time the prices reach 81.50 they will break upwards towards 81.70-82.
The prices are trending sideways for the short term and up for the intermediate term. The prices should remain above the blue trend line to continue the upward intermediate term trend. Short-term support is found at 81 and at 80.90.
Resistance is found at 81.50 for the short term and at 81.65-70 for the longer term trend. We expect the uptrend continues higher as the prices are moving upwards in an impulsive pattern. Long-term support is found at 80.40 and long-term resistance is found at 82.25. Concluding we are bullish as long as the prices trade above 80.90. Otherwise, we will look to buy near 80.50 if support fails with 79 as stop.
The material has been provided by InstaForex Company – www.instaforex.com
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