From the more 'recent' highs in the dollar index back in June of last year, down to the following lows in December of last year, the dollar rallied back 50% and in January of this year found resistance…which also coincided with the 200 day moving average. Given the technical pattern we predicted a downside price target near $72, which was pretty much reached in May.
Now the dollar looks to try the 50 day moving average (yellow line) from below, which historically has been respected. A solid move above 75 on a closing basis may lead to further upside.
