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US Dollar Index – 26th March 2009

US Dollar Index - 26th March 2009

US Dollar Index - 26th March 2009

Despite falling in early trading, the US dollar index recovered later in the session, to leave us with a down candle on the day, but with a long shadow below, suggesting that the index is rebasing around the 83.00 level, before attempting a move higher. Whilst the close was well below all three moving averages, the chart has been distorted to some extent ( like many of the currency pairs) by the effects of last weeks announcements, which have created very wide spread bars and these in turn have distorted the relationship between prices and the moving averages. For any move higher we will need to see a sustained break above the resistance ahead in the 84.50 region. Should the index fall through the current support level being created at 82.75, then we could see the index fall back to the 78.25 region or lower.

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