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FX Trend Report
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DXY probes key support near the 76 handle
Fri, Oct 9 2009, 10:37 GMT
by Peter Ruud
The US Dollar Index retested key support just below the 76 handle once again. While this pivot managed to support, time is running out for the Greenback. A positive daily close is required for Friday to round-up daily MACD and complete bullish divergence. The next level of support is in the 76.50 region, where projected falling wedge trendline & a Fibonacci projection reside. The EUR/USD surpassed the 78.6% Fibonacci retracement at 1.4768, but failed to retest the yearly high. Beyond 1.4847 (2009 high) is 1.4914, where projected rising wedge resistance & weekly pivot lie. Meanwhile, spot Gold continues to extend to record highs. While daily RSI is at extreme overbought conditions (80), there is no divergence yet. Thus, dips should be accumulated until daily studies display bearish divergence.
Published on Fri, Oct 9 2009, 10:40 GMT
Archive
- 9-period RSI triangle pattern should be watched
Published On Thu, Nov 19 2009, 10:40 GMT - Inflection point for risk appetite
Published On Mon, Nov 16 2009, 10:14 GMT - EUR/USD probes above channel midpoint
Published On Thu, Nov 12 2009, 09:22 GMT - EUR/USD tests channel midpoint
Published On Thu, Nov 5 2009, 18:59 GMT - DXY rejects at key moving average
Published On Thu, Oct 22 2009, 09:13 GMT
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