Index Trading: USDollar Is Still a Buy on the Daily Chart

The US Dollar is still a buy against the EUR, GBP, AUD, and JPY, based on daily trend analysis of the FXCM US Dollar index. Ichimoku paints a very bullish picture, with daily price candles on the USDOLLAR index closing above the trigger line and above the baseline. Additionally, the lagging line is flying in the open air, above the cloud and price. Retail traders are still holding net short US Dollar positions on average across the majors, and they are still buying gold and selling the S&P 500. Technical analysis combined with sentiment analysis supports maintaining a long US Dollar bias on the Daily time frame.