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USDX technical analysis for November 5, 2015

The US dollar index is in a breakout mode and in its next upward move, which is very strong if we take into account the shallow pullback it made. Dollar sellers are too weak and cannot produce any significant retracements for this upward move.


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Green line - support

The bullish flag in the weekly chart has finally been broken upwards. Pullbacks are to be bought as this pattern implies new highs over the coming months. The US dollar index is breaking out of a multi-month sideways move and this is an important bullish signal for the greenback that should not be taken lightly bey dollar bears.

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