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3 Mar 2015
Stay bullish on the USD – BAML
FXStreet (Barcelona) - MacNeil Curry, Technical Strategist at BofA-Merrill Lynch, remains bullish on the dollar, maintaining a long position on the USD Index, USD/CAD and short on EUR/USD.
Key Quotes
“The Greenback has resumed its long term bulltrend following last week's breakout. We are long the US $ Index and $/CAD, while we are short €/$.”
“The US $ Index targets 97.01, while the €/$ break below 1.1270 (the Feb-09 low) targets 1.1098 (Jan-25 low) ahead of the Sep'03 low at 1.0765 and eventually below.”
“NOW it is time to raise our US $ trailing stops. In the DXY, we adjust our trailing stop to cost at 94.10 (or just below the 34d MA at 94.16), while in €/$ we lower the trailing stop to 1.1340 (from 1.1455).”
“While it is too early to raise the trailing stop in $/CAD, the setup remains bullish. It is completing its 1m range trade following Thursday's Bullish Engulfing Candle. A break of 1.2625/1.2665 would confirm a resumption of the bull trend for 1.3035.”
“$/CAD bulls should add to longs on a break of 1.2625.”
Key Quotes
“The Greenback has resumed its long term bulltrend following last week's breakout. We are long the US $ Index and $/CAD, while we are short €/$.”
“The US $ Index targets 97.01, while the €/$ break below 1.1270 (the Feb-09 low) targets 1.1098 (Jan-25 low) ahead of the Sep'03 low at 1.0765 and eventually below.”
“NOW it is time to raise our US $ trailing stops. In the DXY, we adjust our trailing stop to cost at 94.10 (or just below the 34d MA at 94.16), while in €/$ we lower the trailing stop to 1.1340 (from 1.1455).”
“While it is too early to raise the trailing stop in $/CAD, the setup remains bullish. It is completing its 1m range trade following Thursday's Bullish Engulfing Candle. A break of 1.2625/1.2665 would confirm a resumption of the bull trend for 1.3035.”
“$/CAD bulls should add to longs on a break of 1.2625.”