The US Dollar Index got rejected at the long-term resistance level of 98.20 and is back below 98 now. The short-term bullish trend is still intact but also fragile. Currently, we can say that the index is making a back-test of the breakout area. As long as the price is above 96, bulls will be in control.
Green lines – triangle pattern
The US Dollar Index broke the triangle pattern upwards. The index is making a back-test of the breakout area. The rrice is above the Ichimoku cloud. Support is at 97.15 and the next onr is at 96.50.
Red line – resistance
Green line – support
The index got rejected yesterday at the red resistance line. Kijun-sen weekly support is at 96.80. The trend remains bullish, but bulls must be very cautious at current levels and especially tomorrow as the NFP volatility is expected to rise. So, I would not expect a bigger breakout above 98.20 until tomorrow.
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