The Dollar Index continue its upward move and now testing the resistance at 82.50. Prices are moving as expected after the small sideways correction at the 82 area. Once prices broke above 82.10, it was a matter of time to test 82.50. Prices have reached 82.42 and are getting dangerously close to the upward sloping red trendline.
Breaking below the red trendline could mean the end of this upward move and the start of a small correction towards 81.90-82. We believe that the longer-term trend has changed to upward one and any downward move should be dealt with caution. Prices, we believe, will continue to rise higher towards 84-85.
The daily cahrt is showing the trend change very clearly and we noted the bullish potential as prices broke above the downward sloping blue trend line. The break occured at 81.35 and prices are now at 82.40. Trend is upward and short-term resistance is at 82.50. Short-term support is found at 82.25. It is a good idea to take profits at these levels as a pull back could happen soon.
