The Dollar index is sliding lower on top of the broken trend line resistance waiting for the announcement of the Non-Farm Payrolls today that will greatly influence the balance between bulls and bears.
Black line- resistance trend line (broken)
The Dollar index continues to trade above the 4 hour Kumo (cloud) and the black trend line resistance that is broken. A backtest is in play and I expect the NFP numbers today to provide a good excuse for the Dollar to rally higher as the technical setup suggests.
The weekly candle is entering the Ichimoku cloud and a close inside it will provide a bullish signal and a possible target of reaching the upper cloud boundary in the next few weeks. Support is at 94.90. Trend favors bulls. Traders with no positions should be patient and wait to act after the announcement of the NFP numbers today.
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