Skip to Content
News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site. See our updated Privacy Policy here.

Free Trading Guides
Subscribe
Please try again
Select

Live Webinar Events

0

Economic Calendar Events

0

Notify me about

Live Webinar Events
Economic Calendar Events

H

High

M

Medium

L

Low
More View More
USD Getting Close

USD Getting Close

Kristian Kerr, Sr. Currency Strategist

Share:

The FXCM USDOLLAR Index (equally weighted basket of USD vs EUR, GBP, JPY & AUD) continues to lack much direction in a medium-term context, but there is hope that this is changing. Over the past week or so the index has triggered an inverse head & shoulders pattern (best seen on the 4-hour chart) and broken above the trendline connecting the April/June highs just under 12,000. Momentum has fallen off a bit over the past few sessions, but focus remains on the June high and the 78.6% retracement of the April/May range near 12,050 as traction above there is needed to signal the start of a more important push to the upside in the index. Weakness back under 11,920 would undermine recent positive technical developments.

Still short EUR/USD with a trailing stop over 1.1170 (closing basis).

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES