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Dollar Threatens Break and Reversal but Fear Keeping it in Place

Dollar Threatens Break and Reversal but Fear Keeping it in Place

John Kicklighter, Chief Strategist

The Dow Jones FXCM Dollar Index is carving out a distinct reversal pattern. However, fundamentals and market conditions are working to prevent this technical pattern from playing out. With the Greek election picking up greater influence (despite Spain's near-constant presence in the headlines this week) and speculation buzzing around the possibility of QE3 from the Fed next week, there is an active break even as the threat of volatility rises. This mix leaves us with clear wedge patterns on risk-sensitive pairs like EURUSD, AUDUSD and GBPUSD. Fundamental curbs, technical congestion and concentrated speculative interest can make for interesting if treacherous markets.

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