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U.S. Dollar Index Tests 9700 For Support, Maintains Trend

U.S. Dollar Index Tests 9700 For Support, Maintains Trend

2011-05-24 16:04:00
David Song, Currency Strategist
Share:

DJ FXCM Dollar Index

Index

Last

High

Low

Daily Change (%)

Daily Range (% of ATR)

DJ-FXCM Dollar Index

9714.35

9764.97

9698.92

-0.30

80.32%

U.S._Dollar_Index_Tests_9700_For_Support_Maintains_Trend_body_ScreenShot034.png, U.S. Dollar Index Tests 9700 For Support, Maintains Trend

The Dow Jones-FXCM U.S. dollar index pared the overnight advance to 9764.97, but the small pullback in the USD is likely to be short-lived as the greenback continues to trade within an upward trending channel. The reserve currency is 0.30% lower on the day after moving 80% of its average true range, and we could should see a rebound over the next 24-hours of trading as the 30-minute relative strength index bounces back from a low of 36. As price action consolidates around former resistance (9700.00), this level should play out as new support, and the index should continue to work its way towards 9800.00 later this week as trader sentiment remains battered by the uncertainties surrounding the global economy.

U.S._Dollar_Index_Tests_9700_For_Support_Maintains_Trend_body_ScreenShot035.png, U.S. Dollar Index Tests 9700 For Support, Maintains Trend

Three of the four components advanced on Tuesday, led by a 0.48% rise in the Australian dollar, but the rebound in risk appetite is likely to taper off a market participants see a slowing recovery in the world economy. The efforts to cool inflation in China is certainly weighing on the outlook for global growth, and the People’s Bank of China may tighten monetary policy further over the coming months in order to prevent the economy from overheating. However, the policy adjustment has sparked concerns that the region could ultimately face a hard-landing, and the uncertainties surrounding the fundamental outlook may continue to bear down on risk-taking behavior, which should keep the U.S. dollar afloat going forward.

Join us to discuss the outlook for the major currencies on the DailyFXForums

To discuss this report contact David Song, Currency Analyst: dsong@dailyfx.com

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