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In our last couple of analysis we noted that the resistance at 81 was very strong and also the resistance by the 78.6% Fibonacci retracement at 80.85 was also a pivotal point. In our previous analysis I noted that I was bearish as long as price was below 81 and that I was expecting a trend reversal to push price towards 80.
The Dollar index has broken short-term support at 80.60 and has moved below the Ichimoku cloud in the 4-hour chart. This is a bearish sign confirming our view that more dollar weakness should be expected. The 80.90 price level is now a very important level that if broken upwards, bears should reverse their short positions to long ones. Until then we remain short.
The Dollar index is expected to continue to move lower towards the Ichimoku cloud in the daily chart that is found just above 80. So we remain bearish until we reach 80 where the 50% Fibonacci retracement of the rise from 78.90 to 81 is. Short-term support is found at 80.25 and we could see a pause of the decline at that level.
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