Dollar Gearing for Powerful Advance?
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Purely from a technical perspective, the Dollar Index (DXY) appears to have broken above its two-year resistance plateau at 81.60/80. It popped to 83.54 into June 1st, and since has returned to successfully test the prior breakout level-- and now has turned back to the upside in what looks like classic confirmation of major base formation ahead of a powerful advance.
In this case, the DXY projects to the 86.00 area, on the way to 88.00. Only a failure to hurdle it prior high at 83.54 followed by a decline that breaks 81.20/00 will delay the anticipated advance.
