Saturday, June 27, 2009

USD Index ($USD) Weekly chart - Bearish evidence

USD Index closed at 79.83 - which is important to the pivotal 80 level.
The trendlines I added give us a glimpse of the interesting situation of the US Dollar.
It is consolidating right below the recent Supportive trendline but also below the significant to the Mid-term direcion 55-Week MA (81.48). Last Support comes at 78.50 where the last Support trendline lies.

On the other side the momentum of the downside move is accelerated - ADX is edging higher at 23.39. Last week was a classic Doji candle which should be read as indecision in that particular position and the present week's close below 80 is a confirmation to the downside direction.

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