The US dollar index closed last week at new highs and has remained in a bullish trend. As long as the price is above 100.70, a short-term trend remains bullish. A long-term trend remains bullish as long as the price is above 96.
Red rectangle - support
The price is making higher highs and higher lows. The 101.50-102 range is a short-term support. A pullback towards that area is justified. A break below that level will put the short-term bullish trend in danger. The mark of 99.44 is also a very important price level that, if broken, will strengthen the bearish view.
Green line - trend line support
The weekly trend remains bullish despite the divergence signs in the weekly oscillators that are in overbought levels. Bulls need to be very cautious and raise their stops to protect themselves. Weekly support is at 99.40 and next at 96-96.75. The price is above the weekly cloud. The trend remains bullish targeting 104.
The material has been provided by InstaForex Company - www.instaforex.comFrom www.instaforex.com http://ift.tt/2gQVCQq
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