The US Dollar index finally made a breakout yesterday. The US Dollar index has made an upward breakout which is a strong buy signal. I would expect a back test of the breakout today and then a resumption of the uptrend towards new highs. The longer-term target remains at 100.
Red lines = triangle pattern
The US Dollar index, as shown on the 4 hour chart above, has broken the triangle pattern upwards. Today we could see a pullback towards 94.80 in order to backtest the breakout. The trend is now bullish in the short term and as long as the price remains above the Ichimoku cloud and above 94, the trend will remain bullish and I will be expecting to reach 96 at first.
Black lines = triangle
The breakout is also visible on the daily chart and now the price has moved above the kijun-sen and the tenkan-sen lines. This is a bullish sign. The tenkan-sen remains above the kijun-sen supporting that the longer-term trend has never changed and remains fully bullish. My longer-term target is 100-101.
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