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The Dollar Index continues trading around the 61,8% Fibonacci retracement and the pause to the steep decline is just another sign of the importance of support at this level. Additionaly this adds to our chances of a trend reversal as the 61,8% retracement is a key support level. The decline from 84.75 still remains overlapping and thus corrective, and our bullish scenario still has a lot of chances to be fulfilled.
Current price action takes place above 82 but short-term trend remains down. Prices continue to trade within a downward sloping channel. Short-term resistance is found at 82.25 and 82.45. Short-term support is found at 81.90-70. We believe that we will soon see and upward break out of the downward sloping channels, marking the start of a new upward wave that eventually will give new highs above 85.
The long-term trend is bullish with 80 as stop. The intermediate term trend is neutral to down as the short term down trend prevails and has not changed yet. Bulls will need prices to move impulsively upwards and break above 82.25 and 82.65 price levels in order for the short term trend to change and the intermediate term trend to be challenged. Above 83.45 the intermediate term trend will change to up. We believe that an important bottom is being formed and that trend will change soon.
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