1 May 2015
Bullish on the USD Index - BAML
FXStreet (Barcelona) - MacNeil Curry, CFA, CMT, Technical Strategist at BofA-Merrill Lynch, remains bullish on the Dollar Index, targeting 100 and then 106 levels for the DXY.
Key Quotes
“While the decline in the US $ Index has been far deeper than expected, we maintain our bullish bias, particularly as the month of May is the second-strongest month of the year for the US $.”
“Looking specifically at the US $ Index, the confluence of support between 94.80 and 94.32 should prove significant support and the likely basing point for a resumption of the larger bull trend (we target 100 ahead of 106). An impulsive break of 96.17 would confirm the base and turn higher.”
Key Quotes
“While the decline in the US $ Index has been far deeper than expected, we maintain our bullish bias, particularly as the month of May is the second-strongest month of the year for the US $.”
“Looking specifically at the US $ Index, the confluence of support between 94.80 and 94.32 should prove significant support and the likely basing point for a resumption of the larger bull trend (we target 100 ahead of 106). An impulsive break of 96.17 would confirm the base and turn higher.”