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US Dollar Index Classical Technical Report 05.06

US Dollar Index Classical Technical Report 05.06

2011-05-06 07:16:00
Joel Kruger, Technical Strategist
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DXY_Classical_body_dxy.png, US Dollar Index Classical Technical Report 05.06

DXY:Although the overall downtrend has been quite intense, the market could be showing signs of basing following the latest impressive rebound. Look for a break back above the 26April high on Friday to officially confirm bullish reversal prospects and accelerate gains. A break above this level will set up a bullish outside week formation. However, inability to establish above the 26Apr high will keep the pressure on the downside and open a retest of the recent trend lows.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com

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