USD Index - Daily Forex Analysis 27th August 2009
Forex Analysis
The USD index continues to hover around the 77.50 to 78.50 price level, occasionally looking over the precipice before pulling back from the edge, and recovering a tiny piece of lost ground, with yesterday’s candle shining a small chink of light onto an otherwise gloomy picture for US dollar bulls, with the daily candle ending the session trading higher – a rare occurrence. The high of the day just failed to penetrate the 14 day moving average which would have provided a stronger signal, and with all the heavyweight resistance immediately above, this can hardly be considered anything other than a tiny moral victory for the US dollar. For any sustained move we need to see a break and hold above the 81.50 price handle, and with the holiday season now ending fast, and with Labour Day on the horizon in the US, we may not ave too much longer to wait before we see a return to normal trading volumes once again and a possible change in sentiment for the US dollar.
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