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Dollar Index Technical Update - Week Commencing 19th November
The USDX ended this past week trading just under a key near term technical level, comprised of the following elements: previous price structure support lows from June (see far left of figure 1 chart), the 50% corrective retrace of 72.69 - 84.1 and an FE 161.8 extension area. This comes in the context of the EUR/USD printing its first higher weekly close after four consecutive lower weekly basis closes. We always pay particular attention to the EUR as it holds a 57.6% weight metric in the basket of forex currencies making up the USDX. We also note that large FX futures speculators were net long the US dollar, as of ... (full story)
