Dollar Index trading sideway, breakout will be crucial!
Last week the Dollar Index met its measured target of the descending triangle breakout.
Bullish bias still remains as the Dollar Index continues to trade above the 200 simple moving average (SMA). To look for entries, let us zoom into the lower time frame in this week's analysis.
In the lower time frame, we can see that the Dollar Index is trading in consolidation awaiting for the next direction. Any breakout of the 107.155 resistance region would indicate the continuation of the current trend with the initial target of 109.00 region. Conversely, a downside breakout of the 106.16 region would like go below the major support level at 105.0.
Bullish bias still remains as the Dollar Index continues to trade above the 200 simple moving average (SMA). To look for entries, let us zoom into the lower time frame in this week's analysis.
In the lower time frame, we can see that the Dollar Index is trading in consolidation awaiting for the next direction. Any breakout of the 107.155 resistance region would indicate the continuation of the current trend with the initial target of 109.00 region. Conversely, a downside breakout of the 106.16 region would like go below the major support level at 105.0.
