There are increased chances that the Dollar index has topped. I’m very sceptical if the Dollar index can continue higher now. I believe it should first at least make a downward pullback. Price is stalling near the highs with short-term price action showing signs of bearish reversal.
In the 4 hour chart, price is still above the Ichimoku cloud but is making lower highs and lower lows. Support by the green price channel and the Ichimoku cloud at 81.35 is crucial. If broken, we should expect to see more downside pressures towards 81 at least.
The daily chart shows how daily candles are testing the longer-term upward sloping channel. We should be bearish if price breaks below the channel and this means below 81.20. This could be a sell signal with 80.80 as the first target and 80.20 as the second target. If support is held at 81.35, we should expect the Dollar index to rise towards 82.10.
The material has been provided by InstaForex Company – www.instaforex.com
There are increased chances that the Dollar index has topped. I’m very sceptical if the Dollar index can continue higher now. I believe it should first at least make a downward pullback. Price is stalling near the highs with short-term price action showing signs of bearish reversal.
In the 4 hour chart, price is still above the Ichimoku cloud but is making lower highs and lower lows. Support by the green price channel and the Ichimoku cloud at 81.35 is crucial. If broken, we should expect to see more downside pressures towards 81 at least.
The daily chart shows how daily candles are testing the longer-term upward sloping channel. We should be bearish if price breaks below the channel and this means below 81.20. This could be a sell signal with 80.80 as the first target and 80.20 as the second target. If support is held at 81.35, we should expect the Dollar index to rise towards 82.10.
The material has been provided by InstaForex Company – www.instaforex.com
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