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Currency Trading Majors Pairs − Dollar Index
| by Anna Coulling Master The Markets
Friday's candle on the US dollar index chart, provided little respite
for dollar bulls as the index continued to grind lower, in an ever
deepening slough of depression, as the moving averages continue to
weigh heavily on the daily chart. Given the technical picture at
present it is hard to see when or how this downwards slide will be
halted, and what is becoming increasingly worrying is that the chart is
beginning to look unstable, with the possibility of a massive breakout
to the down side as a result. With the 40 day moving average now
crossing below both the 9 day and the 4 day averages, this seems
increasingly likely moving forward, and with little on the fundamental
news front today, there seems little prospect of any relief for the US
dollar in the short term. A break below the 78.40 level will deepen
the gloom, and any hold below this level will confirm the bearish
picture, with a much deeper move becoming more of a reality, possibly
as low as the strong support level in place at the 72 price handle.
Only time will tell but US dollar bulls may be waiting for some time
yet for any sustained recovery.
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| Category: Currency trading | Added by: forex-market (2009-07-20)
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| Views: 418
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