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USD Index 10 May 2010

USD Index 10 May 2010

Despite last week’s market turmoil the dollar index continued to trade in relatively calm waters, climbing steadily throughout the week and closing marginally below the psychological 85 price handle.  As a result the bullish momentum remains firmly in place for the US dollar, well supported by all four moving averages and particularly from the 9 and 14 day averages.  The minor pullback this morning reinforces this bullish picture with the 9 day moving average once again coming into play.  As outlined in previous market commentaries for the dollar index we are now running into some serious resistance which sits between 83.50 and 88 and for the index to progress it will need some serious and sustained momentum to break through this region.  A break and hold above 88.50 will give us a strong signal that such momentum is likely to continue in the longer term.

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