DOLLAR INDEX

DOLLAR INDEX
As said in the previous post about dollar index it has closed above 77.54 and at the moment is trading at 77.84.as a result of this up move there is a fall in the gold, crude as well as equities.
Going forward the next resistance and target for the index comes at 78.20-78.30
The resistance is expected to be a strong one as it is the level from where it bounced off before falling steeply, also 78.30 is a Fibonacci level which makes the it a confluence of resistance, so a move beyond 78.30 wont be easy and the index should undergo a bit of consolidation between 78.30 to 100DMA at 76.87.
Continuous bounce from the 100 or 50 DMA will set it up for a move beyond 78.35.
So traders must watch how the index behaves in coming day , we should see if the index bounces of these supports, if it does then and closes above 78.35 then its bad for commodities and equities.