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USD Index 9 March 2010

USD Index 9 March 2010

Having recovered from the lows of early December at 74 on the daily chart, the dollar index continues to remain range bound between 80 and 81, a worrying trend for the medium term for dollar bulls.  Yesterday’s up candle did nothing to alleviate this view and indeed closed below both the 9 and 14 day moving averages once again.  The tweezer top candle pattern of last week remains clearly well defined indicating weakness at the current price level and until we see 81.50 breached with a clear hold above this level then the recent bullish rally looks fragile in the short term.  This technical view is counterbalanced to some extent by the clear water to both the 40 and 200 day moving averages below and provided this picture remains in place then the bullish trend should resume in due course.  Any breach of the 40 day moving average will be a bearish signal.

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