The dollar index remains inside the triangle pattern consolidation; and traders should be very patient before deciding what to do. The best strategy is to wait for a break of the triangle boundaries before opening a position.
Green line = resistance
Blue line = support
The Dollar index continues to trade within the trading range of 95.25 and 93.40. The trend is neutral. There is no clear direction for the trend. I prefer to stay neutral and wait for a break out above or below the boundaries of the trading range before opening a position.
Black lines = triangle pattern
The dollar index, as shown on the daily chart above, remains inside the triangle pattern. The price is above the kijun-sen but below the tenkan-sen. The triangle pattern is important and traders should follow the market once a breakout is made. Until then I prefer to stay neutral.
The material has been provided by InstaForex Company - www.instaforex.com
