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US Dollar Index Analysis 06/10/14

FX:USDOLLAR   Dow Jones FXCM Dollar Index
131 0 0
Long term trend: Up
Medium term trend: Up
Significant Levels: 11010 (Horizontal Support)

US Dollar             has gained its strength recently and is still continuing to go up. The previous high in July 2013 was broken, indicating that the uptrend is strong. This high, which is the 11010 level, is still respected by the market as can be seen in the chart before the Large Bar (03/10/14) was formed recently. This retesting and formation of the Large Bar signal that the US Dollar             is so strong that the market is ready to go above the previous high.

Note that this index is compared to a "basket" of 6 other major currencies but mostly the EUR. While the EURUSD             pair is currently declining, it is backed up by this index which is currently rising. The bottom line here is that, there is a strong correlation (negative) between this index and the EURUSD             pair.

The conclusion here is that, it would be a good opportunity to buy USD against a weaker currency and in this case, EUR. There are also other weak currencies that USD can be traded against.

Trade well.
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