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US Dollar Index Classical Technical Report 08.02

US Dollar Index Classical Technical Report 08.02

2011-08-02 05:07:00
Joel Kruger, Technical Strategist
Share:
dailyclassics_us_dollar_index_body_dxy.png, US Dollar Index Classical Technical Report 08.02

US DOLLAR INDEX:The market remains locked in a bearish consolidation since basing out by yearly lows back in April, with the latest break below 9450 adding to downside pressure and potentially exposing a retest of the yearly lows. Ultimately however, until the consolidation is broken, buying on overdone interday dips towards the range lows and selling on exhausted rallies towards the range top by 9750 is the preferred strategy. As such, looking to buy following Monday’s bullish close off of the range lows could prove to be a profitable exercise.

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