Notify The Queen… The U.S. Dollar Index Hit 100
Anna Coulling | Nov 30, 2015 08:00AM ET
From a technical perspective, the continued bullish momentum for the US dollar was much as expected, and indeed something I wrote about several weeks ago on the longer time frame charts. For November, the significant price action occurred in the first week, as the index climbed rapidly through the 98.20 region to close at 99.22, thereby taking the index well above this potential level of resistance. The second week then saw a minor pullback, but with a wick to the lower body of the candle, hinted at further upside momentum which was duly delivered in the following two weeks with Friday’s close taking out the three figure level.
With the index now preparing to take out the high of March at 100.38, if this level is breached with a solid close above, then we can expect to see the index continue to climb higher still and on towards the 103.98 region where stubborn resistance awaits and is a level not seen since 2002.
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