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USD Index Analysis 1 March 2010

USD Index 1 March 2010 (Weekly Chart)

The USD index continued to trade in a narrow last week ending as a doji cross candle, similar to the previous week but smaller in size.  The common theme remains the inability of the index at present to pull clear of the 200 week moving average and until we see some sustained momentum to break higher this technical indicator remains firmly in play.  Whilst the index has technically broken this level it remains perilously close on the weekly chart and until we see a break and hold above the 82 price handle this remains an ever present danger signal.

USD Index 1 March 2010

The daily chart merely echoes this view with today’s price action once again faltering above the 81 price point, and whilst the 14 day moving average seems to be providing a solid platform of support this failure to breach is a worrying sign.

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