Home » Currency Option Trading » US Dollar Index Daily Candle Chart 23rd July 2009

US Dollar Index Daily Candle Chart 23rd July 2009

US Dollar Index - Daily Candle Chart 23rd Jlu 2009

US Dollar Index - Daily Candle Chart 23rd Jlu 2009

The poor old US dollar found little support from Ben Bernanke, following his two days of testimony, and the FED circus has now rolled out of town, leaving behind the flotsam of a flat party and little in the way of a lasting memory. Yesterday’s candle on the dollar index chart reflected this sentiment, ending the session down on the day and with a small doji, which once again added to the general downwards slide for the dollar against all the other major currencies, as we head inexorably towards the 78.50 price handle which seems certain to be breached with the prospect of a much deeper move in the medium term, possibly as low as 71 in the medium term, should equity markets pick up their momentum of the last few weeks once again. Technically there is nothing on the daily or indeed weekly chart to suggest otherwise, with all three moving averages now weighing heavily down, with the weekly chart paiting an even worse picture. Whilst nothing in trading is a foregone conclusion the demise of the dollar seems almost certain in the short term, unless there are some shocks in store in the fundamental news over the next few months.

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