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US Dollar Index 14th April 2009

US Dollar Index - FX Daily Chart 14th April 2009

US Dollar Index - FX Daily Chart 14th April 2009

We have to treat yesterday’s wide spread down bar with a degree of caution as it was formed on the back of thin trading volumes because of the Easter break, and closing just below both the 9 and 14 day moving averages which have now converged around the 85 price area.  Today’s attempt by the dollar index to rally has so far failed partly due to jittery equity markets.  The index is indecisive at the moment to say the least and the failure to breach the 86.25 level in the last two weeks may prove decisive in the longer term particularly as this aligns with the same region which was finally breached in late January and the index now has a heavy, negative tone.  The high of today has bounced off the conjoined moving averages suggesting further weakness, a view which is added to by the 40 day moving average above.

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