The Dollar index got a bearish rejection candle last week, while the price is still above the support at 93.25. I continue to expect the Dollar index to start a new upward move from current levels, but there is no sign of an upward reversal yet.
Blue lines -bullish wedge pattern
The Dollar index is trading below the Ichimoku cloud. This is a bearish sign. The price is hovering above support at the 61.8% Fibonacci retracement. The price has formed a bullish wedge. Resistance is at 93.40 and next at 93.70 by the Ichimoku cloud.
The weekly trend remains bearish. As long as the price remains below 94 on a weekly basis, bears will continue to have control of the trend. My bullish view for a bounce towards 96-97 will only happen if the 94 level is broken upwards and support at 93-92.50 holds.
