Wednesday, August 15, 2012

US Dollar Index basing above 82 for a potential burst UP.

Classic Technical Analysis would spot the previous TOP at 82 now acting as a Support level as the USDX is basing around these current levels.

Slow Stochastics are turning UP from Oversold conditions and this coincides with the Over-extended run in the AUDUSD and the Stoxx (S&P 500 e.g.).

Trendline Support coincides at the current levels as well and the confluence of technical signals gives me a hint of a good probability we witness an Upward continuation of the Trend move in the USDX and possibly profit from a Long USD position. Good luck and Good trading!

1 comment:

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