Fri 15th Aug
I’ll be keen to see where the USDX closes for the week after having broken up through the key resistance of 81.50 on Wednesday. Price is still just above this support at the end of Friday’s Asian session and, also, just above a daily support trend line.
The index has been confined in a trading channel marked by the 81.50 and 79 levels since last September, a period of almost 11 months. A weekly close up and out of this channel would be quite bullish and would also suggest continuation. Hence, the interest here!
The USDX is trading well above the daily Cloud at the moment BUT only just above the 4hr Cloud suggesting a bit of vulnerability here:
USDX daily Cloud:
USDX 4 hr Cloud:
Summary: The 81.50 is a significant level for the USDX and any weekly hold above this level would be rather bullish.