As expected by our last analysis, the Dollar index has again reached the important resistance levels above 81. The trend has changed to bullish for the short-term once the downward sloping trend line was broken upwards at 80.60. Our next short-term resistance at 80.80 was broken and our target of 81.10 was reached. Now it is important for bulls to break above 81.30-35 as another third rejection at the 81.30-50 levels will be very bearish. However we believe that this time a break out will occur. On a daily basis, the Dollar index remains in an uptrend as long as the daily close is above 80.40. Our triangle as shown in the daily chart remains below the current price formation and the cross of our two MA is giving a bullish signal. We are confident that as long as the index trade above 80.40 we will see an upward break out that will bring the index towards 82.50. The Dollar index is making a bullish pattern of higher highs and higher lows from 79.70 to 81.40 and then to a higher low at 80.15. Now we expect to see the higher high above 81.50 resistance, at least, 82.50 at least.
The material has been provided by InstaForex Company – www.instaforex.com
As expected by our last analysis, the Dollar index has again reached the important resistance levels above 81. The trend has changed to bullish for the short-term once the downward sloping trend line was broken upwards at 80.60. Our next short-term resistance at 80.80 was broken and our target of 81.10 was reached. Now it is important for bulls to break above 81.30-35 as another third rejection at the 81.30-50 levels will be very bearish. However we believe that this time a break out will occur. On a daily basis, the Dollar index remains in an uptrend as long as the daily close is above 80.40. Our triangle as shown in the daily chart remains below the current price formation and the cross of our two MA is giving a bullish signal. We are confident that as long as the index trade above 80.40 we will see an upward break out that will bring the index towards 82.50. The Dollar index is making a bullish pattern of higher highs and higher lows from 79.70 to 81.40 and then to a higher low at 80.15. Now we expect to see the higher high above 81.50 resistance, at least, 82.50 at least.
The material has been provided by InstaForex Company – www.instaforex.com
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