US Dollar Uptrend Intact After Pullback | Forex Factory

  • US Dollar Uptrend Intact After Pullback

    From dailyfx.com

    US DOLLAR TECHNICAL ANALYSIS – Prices corrected lower but overall positioning continues to favor strength after prices set a double bottom and cleared channel resistance guiding the down trend from January. The index is testing resistance-turned-support in the 10474-95 area, with a reversal back below that opening the door for a retest of the channel top at 10427. Near-term resistance is at 10531, the May 28 high. A move above that aims for the 10589-619 region. &P 500 TECHNICAL ANALYSIS – Prices broke resistance at 1908.40, the 50%Fibonacci expansion, exposing the 61.8% level at 1919.40. A further push ... (full story)

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michaelpelly
May 30, 2014 7:32am
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Why do all big banks talk about some dollar uptrend since beginning of 2014?

I had seen with my living eyes how E/U went almost to 1.4, G/U went almost to 1.7 and U/J went almost to 100.00 couple weeks back. What is an uptrend for the dollar?! Where is it - I can't find it?! :-)
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Fractalist
May 30, 2014 7:25am
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This uptrend isn't an uptrend. It is a momentary pullback in a multi-year major downtrend that isn't close to ending. This little bump we have seen is dying now anyway. I am short USDCHF and it has repeatedly failed over the past 2 days to move up again after plenty of opportunities to do so. I call this a fail and a top. My indicators revealed several cyclical events which should have caused the uptrend to move higher and it sputtered each time it was hit with that upwave energy. This is the top for a while.
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TheTopBloke
May 30, 2014 9:04am
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Quoting michaelpelly
Why do all big banks talk about some dollar uptrend since beginning of 2014?

I had seen with my living eyes how E/U went almost to 1.4, G/U went almost to 1.7 and U/J went almost to 100.00 couple weeks back. What is an uptrend for the dollar?! Where is it - I can't find it?! :-)
Big banks were hoping. Most of us have concluded that hope is bullshit long ago.

They were expecting an environment of higher interest rates, but instead it looks like most people refuse to participate/cooperate.
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