On the charts, we find that the MACD
is gradually heading higher as prices continue to consolidate with favorable tailwinds leading to strengthening of the greenback. Prices are now rising to challenge the strong resistance developed at 100 levels. This was the top recorded back in Mar 15 and again in Nov 15. Through the first half of the year the prices have remained largely contained but the upward thrust seen in July has now generated a new wave of bullishness. It is obvious that the Dollar bulls are quite dominant and now , are beginning to push ahead. With the currency basket sustaining higher levels it could set off moves across different asset classes in the near term. Immediate supports continue to be around 97 while the upside could test its previous highs in the next few months. A breakout or a failure to do that would both be equally important technical events at this juncture.