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US Dollar Index Price Action 28/08/14

FX:USDOLLAR   Dollar Index
53 0 0
US Dollar             has been making Lower Lows for a year now as can be seen in the chart. This indicates that USD is weak as of the moment. In the chart, the horizontal support and resistance , and a downtrend line are plotted. The arrows in the chart signifies the areas where the significant levels have been important. This is just to show where the lines (significant levels) came from.

If the US Dollar             is down, we would want to go Short on resistance. Just recently, the horizontal resistance were retested and the price rejected this level and is now going down. Note that this level rejection is also near the downtrend line which also acts as a resistance. Although the price did not really touched the trendline, we can still call it that it "touched" the line. Remember that the lines in our chart are just a zone and not an exact price. Subjective as it is, we decide on how near is "near". As in this case, again, the price is near the resistance trendline and it is the same as it touched and held. These two lines that almost touched is a confluence area which will serve as a solid significant level. Unless these levels (resistance) were broken, I'm treating the US Dollar             as a weak currency.
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