BreakOutArtist
Long

US Dollar Index Bullish Breakout, USD Strenghtening Indicated

FX:USDOLLAR   Dow Jones FXCM Dollar Index
We note that Price has been on an uptrend from Sep 2012 to July 2013, where Price traded from 9,700 to 10,970.

From July 2013 to July 2014, Price has been generally consolidating sideways, forming a major Triangle Continuation Pattern,

We also observed a minor Double Bottom formed within the Triangle Continuation Pattern.

Since price has currently broken out of both the Major Triangle Continuation Pattern and Minor Double Bottom we project that the price is going to trade higher and continue the Bullish trend .

Price Target:
a) 10,525 (Height of Double Bottom + Neckline)
b) 10,700 (Next Resistance level , after 10,600)

Risk: There is a risk of a false breakout, which will be defined if price trades below 10,525


Reference:
Triangle: http://www.investopedia.com/university/charts/charts5.asp

Double Bottom: http://thepatternsite.com/aadb.html

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