Implications and Outlook
The US Dollar was trading near eleven-month highs against a basket of the other major currencies on Thursday by bursting comfortably over Key Resistance 95.120.
2. The violation of the intermediate Key Resistance 95.120 undoubtedly is causing very bullish sentiment towards an Index Rally targeted at 96.830 while there are no Resistance points to be seen.
3. The price action result of Wednesday's trading blends into the overall sentiment from the markets that US Dollar is not dead yet. It may be too early to make such a claim, but the DXY Index consensus is positive.
4. Current Dollar Index Strategy Bias: Bullish 90 / Bearish 10
The US Dollar was trading near eleven-month highs against a basket of the other major currencies on Thursday by bursting comfortably over Key Resistance 95.120.
2. The violation of the intermediate Key Resistance 95.120 undoubtedly is causing very bullish sentiment towards an Index Rally targeted at 96.830 while there are no Resistance points to be seen.
3. The price action result of Wednesday's trading blends into the overall sentiment from the markets that US Dollar is not dead yet. It may be too early to make such a claim, but the DXY Index consensus is positive.
4. Current Dollar Index Strategy Bias: Bullish 90 / Bearish 10