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USD Index 17 May 2010

USD Index Candle Chart 17 May 2010

The dollar index has continued to surge higher, much as expected, and following the breakout above 82.50 which occurred earlier in the month.  Friday’s widespread up bar further confirmed the bullish tone for the dollar, closing and holding above the 86 price point and further reinforced in early trading with the index touching 87 before retrenching slightly but interestingly with a gapped open over the weekend which further confirms the strength of the recent move.  The next key level for the index is around 90 and should this be breached then expect further dollar strength in the medium term.  Finally this morning’s gap up has also broken above key resistance in the 86.50 area which now offers excellent support to the longer term move.

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