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US Dollar Index 7 April 2010

Dollar Index Chart 7 April 2010

Despite last week’s reversal lower for the dollar index the recent sideways consolidation prevented any serious falls providing a solid platform in the 80.50 region.  Technical support was also provided by the 40 day moving average and, as a result, the early part of this week has seen the index continue its upwards journey climbing back above all four moving averages once again.  The key technical level in the short term has now been set at 82.25 and a break above here should see the index accelerate and move towards a re-test of the various resistance areas now above, which will only start to become an issue once we approach 84 and above.  As a result we should expect to see further dollar strength provided there are no shocks on the fundamental news.

The main items of fundamental news for the dollar due for release include a speech from Fed Chairman Ben Bernanke on the topic of Economy Challenges, Past, Present & Future which will be closely watched given the Fed’s recent decision to shut down the printing presses.

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