U.S. Dollar Breakout
Ed Carlson | Jul 21, 2015 12:45PM ET
The previous Friday’s expected cycle low was successful in starting a rally last week in which the U.S. dollar had its best week since May. DXY gained 1.89% to close at 97.99 above the June 1 high and printed an engulfing bullish candlestick on the weekly chart.
A cup-and-handle pattern has been triggered (chart) and measures a minimum rally to 101.00. A symmetrical triangle on the monthly chart (not shown) measures a minimum move to 102.00which is the 61.8% retracement of the 2002 bear market. 102.00 is also a 127.2% retracement of the Apr/May decline (chart).
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