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US Dollar Index Classical Technical Report 05.31

US Dollar Index Classical Technical Report 05.31

2011-05-31 05:32:00
Joel Kruger, Technical Strategist
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US_Dollar_Index_Classical_body_dxy.png, US Dollar Index Classical Technical Report 05.31

US DOLLAR INDEX: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 1April high on to officially confirm bullish reversal prospects and accelerate gains. However, inability to establish above the 1Apr high will keep the pressure on the downside and open a retest of the recent trend lows. A more constructive weekly chart does help to reaffirm recovery outlook, but setbacks will need to hold above 74.00 for recovery outlook to remain intact.

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

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