BofAML staying technically bullish on USD

Liquid Technical Edge: We are bullish and long the US $ (currently against the €). Evidence says that the Greenback is in the midst of a medium, if not long term, bull trend. Now, across currencies, the US $ looks set to correct. Focusing in on the US $ Index, the confluence of retracement resistance at 82.78/82.50 should prove too much on the initial go around, resulting in a pullback towards 81.48 before the bull trend can resume its firm footing for 83.79 and beyond. From the perspective of €/$ , we look for a 1.3262/1.3445 range trade to unfold before resuming lower to 1.3104 ahead of 1.2777/1.2685 and eventually below. As gold pushed below 1280, it has lowered the probability of one last bounce higher to 1345/1377 before the larger downtrend resumes

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