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US Dollar Index 11 March 2010

Dollar Index Chart 11 March 2010

The dollar index continues to consolidate at the 80 price region with yesterday’s candle once again exhibiting a degree of bearish sentiment with a small shadow to the upper body.  Over the last few weeks the index now appears to be in the early stages of creating a small pennant formation which could signal a breakout of some magnitude in due course and given the recent trend higher this should be to the upside.  However, as always we need to be patient and wait for this to occur and provided the 40 day moving average continues to provide the excellent support for the current rally then we should see this breakout in due course with any move above 81.75 signalling a continuation of dollar strength across the markets.

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