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Is the USDOLLAR Index Attempting to Bottom? Levels to Watch

Is the USDOLLAR Index Attempting to Bottom? Levels to Watch

Christopher Vecchio, CFA, Senior Strategist

Talking Points:

- USDOLLAR Index in symmetrical triangle since 6/17.

- Would break downtrend from 6/5, daily 8-EMA above 11816.

- See the June forex seasonality report.

There are many important technical questions to be answered on the charts in the coming days that should help give confidence to forecasting short-term price action henceforth. Namely: which triangle is EURUSD abiding by, and is the recent move a breakout or simply more consolidation?; is USDJPY breaking its short-term consolidation for a retest of ¥123.75/90?; what do AUDUSD's recent false breakouts tell us about price action?; and if the USDOLLAR Index breaks its recent downtrend, does that mean GBPUSD will return to the key $1.5445/550 region?

See the above video for technical considerations in EURUSD, AUDUSD, GBPUSD, USDJPY, and the USDOLLAR Index.

Read more: EUR/USD Set for Volatility as Greek Deadline Looms Large

--- Written by Christopher Vecchio, Currency Strategist

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