The Dollar index remains in up trend and is trading at important resistance of 80.60. The Dollar index remains above the Ichimoku cloud support and a pull back should find support and not break below it if we want bullish trend to remain valid. If support at 80.15 is broken, then trend for the short-term will have changed to down.
Support is found at 80.30 and 80.15. Breaking below these support levels will put pressure in the index and will probably bring it back below 80. Resistance at 80.60 is very strong and that is why it is not easy for bulls to break clear above this level.
The daily chart shows how the Dollar index is fighting to stay above the trend line resistance. A daily close below 80.15 will confirm short-term trend change and we could see the Dollar index move towards the Ichimoku cloud support at 79.85. So bulls should be very cautious and raise their stops to protect them. Trend remains up. Next resistance at 80.70 and if we see a daily close above 80.70 we should expect the Dollar index to move towards 81.
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Performed by Alexandros Yfantis, Analytical expert InstaForex Group © 2007-2014 |
#USDX Technical analysis for June 3, 2014
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