The USDollar index may stand to benefit from global currency devaluations, as each sovereign may attempt to defend their economies in a way that could prop the USD up.
However, the US Dollar index itself has remained mute in my system in terms of expressing any directional intention. Instead, only through Gold and positively correlated major currencies, is there a sign of deterioration among dollar antipods. For this reason, the expectation in US Dollar valuation to the upside is anecdotal at best.
In any case, preliminary targets have been defined, namely:
1 - TG-1 = 10733 - 01 APR 2014, low/moderate probability
2 - TG-Hi = 10955 - 01 APR 2014, low probability.
Looking at momental lines (ML), which are lines derived from geometrical projections, rather than mere parallel of top-to-top or bottom-to-bottom extension, price has held along its lowest achieved ML. A rallying from this level would add further credence to a probable reversal, up to a first target as defined in the chart manifested by a declining ML upper border. A breach, followed by a resistance-turned-support of that line could help project price to our first target @ 10733.
However, all this remains a moot point until the system signals an early market reversal, followed by a market reversal confirmation. Until this occurs, I will keep an eye on this chart.
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