If market really believes Yellen's hawkish tale we would see strength in USD right? Dunno, I read the same speech and saw promise of QE4 with any real downturn. Jeesh!
Basically DXY has to prove strength by moving above 2HP and YP 95.90-96.48 area and close above that on a weekly basis. If this happens then it will put a kink in the commodity and global index rally theme of 2016 (oil, gold and miners, EWZ, RSX, partially EEM, etc).
Weekly chart high last year bang on 2HR1, low this year on YS1 and a choppy mess since then. 2 bar recovery of YP only to drop back below. Still under 2HP and YP at 95.90 and 96.48 respectively. If above it would be the 3rd time this year and that "should" be definitive.
Daily chart big jump above the Q3P after being below for 8 sessions. Still below 3 other pivots though.