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USDOLLAR Index Unconvincingly Attemps Breakout

USDOLLAR Index Unconvincingly Attemps Breakout

Christopher Vecchio, CFA,

Talking Points

- EUR/USD edges lower, USD/JPY higher, as global equities rebound.

- GBP/USD sole driver of USDOLLAR Index breakout.

- Follow live sentiment readings with DailyFX SSI.

The USDOLLAR Index is breaking out to fresh yearly highs (not that impressive considering its only day seven of the trading year), eclipsing its 2015 high in the process (which is more meaningful of a development). However, the internals of the breakout move look suspect at best: the gains continue to be driven by AUD/USD and GBP/USD; today, it's just GBP/USD.

See the above video for technical considerations in the USDOLLAR Index, AUD/USD, GBP/USD, EUR/USD, USD/JPY, and NZD/USD.

Read more: Euro Helped by Risk-Off Atmosphere, One-Sided Market Positioning

--- 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.