The Dollar index is trading above 101 and short-term support while trend remains bullish in all time frames. The Dollar index has stopped its rise right at the long-term resistance area and bulls need to be very cautious as a reversal towards 99 or lower is very possible.
Blue line – short-term resistance
Short-term resistance is found at 101.10-101.20. Short-term support is at 100.69. A break below 100.69 will open the way for a push towards 99.85. Bulls should be prepared for a pullback in the Dollar index at least towards 99.
Red lines – expanding triangle
Green line – trend line support
As long as price is trading above the weekly Kumo (cloud) and the green trend line support bulls will be in control. Price is now right on the important resistance of the expanding triangle upper trend line. Oscillators are overbought. A pullback is justified and I prefer to be bearish at current levels.
The material has been provided by InstaForex Company – www.instaforex.com
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