US Dollar Index - Daily Candle Chart 9th July 2009
The US Dollar Index continues to struggle higher from the current sideways consolidation of the last 5 to 6 weeks and yesterday’s candle was symptomatic of this ongoing battle, closing the session as a “spinning top” with a narrow body and small wicks to top and bottom. The positive signs for any US Dollar bulls are that the Index has, at least, managed to hold tentatively above all three moving prices, although the significance of these technical indicators is greatly reduced at present due to their bunching following the period of sideways price action. The Index seems to have found the 81 price handle an almost impossible hurdle to clear and this was reinforced both yesterday and also on Tuesday with the high of each day failing to reach this psychological level. We must therefore be patient and wait for the Dollar Index chart to provide us with a clear trading signal for dollar strength or weakness, which to date has been lacking for the past month or so.
You can keep up to date with all the latest fundamental news on the economic calendar, latest currency news and live currency charts by simply following the links. I have also included details on an excellent ECN broker.
Leave a Reply