CRInvestor

US Dollar Index - at a cross roads

Long
ICEUSA:DX1!   None
0
The US dollar index has enjoyed a nice rally through the better part of the Obama administration and that should be expected during any Democrat US Executive branch's term. An extension of the 1st administration's ( US dollar bullish /commodity bearish ) policies should be expected over the coming few years. It is no surprise then to see the US dollar index has rallied up into a significant harmonic battle zone and (at the moment) it has the proverbial wind at its back. Considering the broader commodity market's rather bearish posture of late, a rather sanguine global economic outlook and pending seasonality issues, a continuation of the resent bullish double bottom price action (where one should be long from roughly 81.80) wouldn't surprise me in the least. A push through last fall's peak (84.245) will confirm a longer term bull ab=cd price pattern which suggests an ultimate target near 90.00 on the index.

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