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USD Index 2 June 2010

USD Index 2 June 2010

In a holiday shortened week and against the backdrop of yet more depressing news for the Euro the dollar index has continued to struggle at the 87 price handle and where the recent price action has resulted in a series of doji candles of varying sizes and hues.  The most positive signal for the index in this region has been that almost without exception all the candles have found solid support from both the 9 and 14 day moving averages suggesting that a degree of bullish momentum could begin once again, as the index looks to push towards the next major area of resistance at 89.   However, given the extent of the upwards move in the index during May, clearly evidenced by the wide spread up bar on the monthly chart, we should expect to see the index pause and perhaps pullback before resuming its current upwards trend.

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