andrewunknown

US Dollar Index: On the Edge

ICEUSA:DX1!   U.S. Dollar Index
115 0 1
The Greenback has returned to 81 after rallying above 84 for the second time in 2013 - on this occasion adding 5% in 14 sessions following the June 19 FOMC, only to give it all back in the last 22 to date. The convergence of the rising wedge against falling resistance present here is likely to force the USD into taking a more decisive path: 1) (green arrow) advancing through closing resistance to make a legitimate test against outside (high) resistance near 86; or 2) (red arrow) a wedge break to test horizontal support near 79 ahead of horizontal and rising symmetrical triangle support near 75. Given the technical outlook for the USDX basket in aggregate, the latter scenario is favored.
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