Important Week for the USDOLLAR Index from a Technical Perspective
- EURUSD yet to achieve $1.1567 double bottom/triangle target.
- USDCAD tends to lead USD-pairs, and may be basing.
- See the May forex seasonality report.
The next few days are shaping up to be important for the USDOLLAR Index. We should have a better idea of where the buck is heading once the technical congestion eases. EURUSD continues to run towards its double bottom/triangle target of $1.1567, while GBPUSD has started to ease from its rally into a former support zone over the last six-months. Viewed in context of USDCAD's recent descending triangle, there are green shoots of the greenback attempting to put the skids on its recent decline.
See the above video for technical considerations in EURUSD, GBPUSD, and USDCAD.
Read more: EUR/USD Short Covering Persists as US Economic Data Remains Weak
--- Written by Christopher Vecchio, Currency Strategist
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