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Dollar Advances for a Fifth Day- Index Tapping Resistance

Dollar Advances for a Fifth Day- Index Tapping Resistance

2011-05-06 22:50:00
Michael Boutros, Technical Strategist
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Dollars_Advances_for_a_Fifth_Day-_Index_Taping_Resistance_body_Picture_1.png, Dollar Advances for a Fifth Day- Index Tapping ResistanceDollars_Advances_for_a_Fifth_Day-_Index_Taping_Resistance_body_Picture_16.png, Dollar Advances for a Fifth Day- Index Tapping Resistance

The greenback closed out the week higher by nearly 2% as major swings in FX markets had saw the dollar shorts squeezed out. The Dow Jones FXCM Dollar Index continued its advance for the 5th consecutive day, holding just below the upper bound trend line of the ascending channel that has held since late last week. The gains mark the first 5-day rally in the index since August of 2010.

Dollars_Advances_for_a_Fifth_Day-_Index_Taping_Resistance_body_Picture_7.png, Dollar Advances for a Fifth Day- Index Tapping Resistance

A daily chart shows the dollar approaching resistance at the 20-day MA at 9550. Subsequent ceilings are eyed at the 23.6% Fibonacci retracement taken from the November 30th highs at 9590, and 9660. Interim support rests at the 9500-figure, backed by the lower bound trend line, currently at 9455. A break below this level eyes subsequent floors at 9410 and 9340.

Dollars_Advances_for_a_Fifth_Day-_Index_Taping_Resistance_body_Picture_4.png, Dollar Advances for a Fifth Day- Index Tapping Resistance

A side-by-side look at the majors sees strong gains for the high yielders, with the aussie and the kiwi advancing on improved risk appetite. The euro saw the steepest declines against the greenback today on speculation over a Greek-Euro decoupling. The rumors had traders rapidly turn on the euro which plummeted 1.53% against the dollar, breaking below the lower bound trend line of the ascending channel that has held the single currency since mid-January.

Event risk next week is limited as far as US economic data is concerned, but the backlash of today’s speculation regarding Greece may carry over into the coming days. Traders will be eyeing April PPI and retail sales data on Thursday, with CPI figures closing out the week on Friday.

Written by Michael Boutros, Currency Analyst for DailyFX.com

To contact the author of this report, please send inquiries to:mboutros@dailyfx.com

You can also follow Michael on Twitter @MBForex

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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