Stay 
Trading Conditions
Products
Tools
The US Dollar Index was very weak yesterday as its main component, the EURUSD pair, made an impressive rally. The US Dollar Index completed an impulsive upward move with a complete set of 5 waves. The retracement has already reached the 61.8% retracement and the cloud support.
The US Dollar Index is above the cloud support and is making a bounce from that area. As long as the price is above the cloud, the short-term trend will remain bullish. However a break below the cloud will increase chances for a new lower low below 94.60. Critical short-term support is found at 93.50.
The weekly chart remains in a bearish trend as the price did not manage to break above the blue downward sloping trend-line resistance.The weekly candle is seen around the Ichimoku indicators of tenkan and kijun-sen. A weekly close below 95.20 will be bearish. I still prefer a bearish wave count where we are in a deeper downward correction that will bring the Index to the level of 90.
InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.
