US Dollar Index breaks its 29 year trend line. This is a monthly chart and therefore does not attempt to address the smaller time frame excursions as the dollar pushes higher. Although we have another week yet before the monthly close we are looking somewhat buoyant as the MACD continues to build momentum above its zero line and RSI has moved into bullish territory based on a fib structure borrowed from Constance Brown (Technical Analysis for the Trading Professional). If RSI can hold itself above the 58.50 level (fib .618 level) we are likely to see the dollar push higher, however the yearly close should be more tale telling. A monthly chart recently published by Seine (
) points out that we have also broken an an 8 year wedge and and he makes some interesting observations from a more fundamental standpoint; thanks for sharing mate. Let's see where it goes.
