Dollar Index Faces Ending Diagonal Triangle
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An Ending Diagonal Triangle trading pattern suggests that the two-month rally in the U.S. Dollar Index is poised to end, according to MacNeil Curry, head of foreign-exchange and interest-rates technical strategy at Bank of America Merrill Lynch.
IntercontinentalExchange Inc.’ Dollar Index, used to track the greenback against the currencies of six major U.S. trade partners, has rallied 2.7 percent since Sept. 14 to 81.03. The Ending Diagonal Triangle, a pattern indicating a weakening trend that is on the verge of reversal, signals the gauge may be set to resume its fall from 84.1 in July, the New York-based Curry said today in a research report.