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USD Index Analysis 23 May 2010

USD Index 23 May 2010

The bullish momentum for the dollar index remains firmly in place despite last week’s temporary reversal which saw the index first break above 87 and subsequently pullback to 85.50 on Friday.  However, Friday’s price action closed with a doji candle which found solid support at the 14 day moving average suggesting this reversal is only temporary and as a result we should expect to see the index rally and rise further during the week.  Indeed this has already begun with the index moving above the 9 day moving average in early London trading, and with all four moving averages pointing sharply to the upside expect dollar strength to continue in the medium term once again.

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