The Dollar index back tests and respects support at 98

The Dollar index has back tested the very important area of 98 where it was once resistance but now support. Price remains inside a medium-term bullish channel and as long as price is above 98, we should expect a new higher high towards 100.

Red lines – bullish channel

Red rectangle – support

Green rectangle – resistance

The Dollar index is bouncing off the support area of 97.80-98. This was once resistance and now support. Price has respected this support at the current pull back and is now bouncing. This is a sign of strength. This increases the chances of price touching and testing the green trend line resistance again.

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According to the Ichimoku cloud indicator trend is bullish as price is above the Kumo (cloud). Price continues to respect the kijun-sen( green line indicator). The Chikou span remains above price. All parts of the Ichimoku indicator support that we remain in a bullish trend. This could change on a break below the Kumo at 97.10-97.30 (and rising).The material has been provided by InstaForex Company – www.instaforex.com

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MOKAR

Author: MOKAR

Mula berdagang dalam pasaran forex sejak tahun 2003. Manakala pasaran bursa saham tempatan dan global pada tahun 2018. Menjadikan trading online sebagai kerjaya sepenuh masa pada tahun 2019. Kerjaya sebelum ini adalah seorang salesman kereta. Berpengalaman dengan pelbagai teknik dan perguruan tetapi akhirnya sangat serasi dengan teknik FMCBR @ Fibo Musang melalui guruku Cikgu Baha & Cikgu Zul.

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