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US Dollar Index – Daily Chart 24th March 2009

US Dollar Index - 24th March 2009 Daily Chart

US Dollar Index - 24th March 2009 Daily Chart

Yesterday’s candle provided some respite for the US dollar index, with a significant doji candle on the day, suggesting that indecision is now entering the market, with the candle suggesting a possible reversal in the index. Naturally we need to wait for this signal to be confirmed, and if so then we should see a series of up candles in the next few days. It is also interesting to note that the low of the last three days is almost identical, suggesting that the index may be trying to re-base by forming a bottom at the 82.75 region. For any sustained move upwards we will need to see this confirmed in the moving averages, with the index crossing both the 9 day and 14 day averages as a result. If the signal fails to be confirmed, then we could see a continuation of the bearish tone seen recently across the markets for the US dollar.