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US Dollar Index 26 March 2010

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Dollar Index 26 March 2010

UIn currency trading it is often useful to look at different time frames and this morning I thought we would consider the 8 hour chart for the USD index which gives us an interesting perspective as we drill down into the dollar index.  What is clear from the chart is that the recent sideways consolidation has now been well and truly breached and this now provides us with an excellent support platform for a sustained move higher.  What is also evident is the strong support provided by the 9 hour moving average with the low of each candle bouncing off this primary indicator suggesting that the move has some “legs” and is therefore likely to continue in the short term, in other words, later today.  With very little economic news of any note today is likely to be a relatively quiet one for the US dollar with only several second tier announcements due for release, including final GDP and revised UoM data.  As both of these simply revisions of previous data they are unlikely to have a serious impact on the markets.

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