The US Dollar Index reversed last week and is now above the 10-day moving average at 72.18, which had capped price-action the previous three days. Platform support at 71.86 held up earlier, underpinning the EUR/USD below its 20-day MA support at 1.5817 and the USD/JPY above its 200-day MA (currently at 107.09). The US Dollar Index is now poised to eclipse the 100-day moving average at 72.58 and target the 200-day MA at 74.35. We now recommend buying the US Dollar on a pullback to the 10-day MA with a stop-loss below platform support.
Strategy Summary: SHORT USDX FROM 72.40 MET 71.86 TARGET, BUY AT 72.18 FOR 74.35, STOP AT 71.84
Strategy Summary: SHORT USDX FROM 72.40 MET 71.86 TARGET, BUY AT 72.18 FOR 74.35, STOP AT 71.84
LONG EUR/USD FROM 1.5816 MET 1.5932 TGT, SELL@ 1.5825 FOR 1.5666, STOP@ 1.5878
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