Tag: us dollar indexSort
What To Expect in the Final Week Of February for Precious Metals, Gold Stocks & Dollar
This morning we are seeing the US Dollar index move higher retesting a short term breakdown resistance level. What this means is that the dollar fell below support and is not slowing drifting back up to test the breakdown level. As we all know once a support level is broken it then becomes resistance.
The US Dollar Index (USDX), an index which measures the valuation of the US dollar against a basket of currencies like the euro, has been stuck in a trading range after it rebounded from its low of 75.631 last November 4. It peaked at 81.444 on November 30 but it has since moved sideways. Yesterday, however, the dollar jumped by 1.0%, its best percentage gain in three weeks.
For the past week or so, the US dollar has rallied strongly against its major peers thanks to the drama in Ireland and in the Korean peninsula. Ireland needed about €85 billion ($114 billion) to help service its ballooning deficit and to provide some liquidity in its commercial banks.
Things are Looking More Depressed For the Mighty Dollar
Indeed, things are looking more depressed for the greenback? Now, what led me to say such pessimistic statement? Well, technically speaking, the US dollar index (USDX) which is a measure of the greenback’s valuation against a basket of other currencies like the arch nemesis, the euro, has just broken down from a massive cone head like head and shoulders pattern.
Welcome to another week of FX trading! In today’s fx feature is an update of the US dollar index. In my last post, I took specific note of the inverted head and shoulders pattern that was brewing at that time (please see my previous blog here). And guess what, the index has broken out from the formation already! You see, the index had been trading on a downward slope for quite some time.
Hiyo forex peeps! In today’s FX feature is an update on the US dollar index (please see my my previous post here). As you can see from its daily chart, the index appears to be poised for a break to the upside. Why? Well, the index has recently broken above its downtrend line and at present it seems to be forming and inverted head and shoulders formation.
US Dollar Index Breaks Its Channel – August 13, 2010
TGIF! Welcome to another day of FX trading. In today’s chart is an update of the US dollar index (USDX) that I presented the other day (please check it here). Back then the index was still moving within a descending channel. My thinking was, it would continue to move lower since the channel was still intact.
Good day forex peep! In today’s fx special is the US dollar index. As you can see from its 4-hour chart, the index, which weighs the valuation of the greenback against a basket of currencies like the euro, pound, yen, Canadian dollar, Swedish krona, and Swiss franc, has been on a downward slope for quite some time now.
Here’s an update of the US dollar index or the USDX which I last posted on July 15 (kindly see my last blog here). As you can see from the chart, the index has continued to weaken after it broke its long term uptrend line and the 61.8% Fibonacci retracement level that I drew. At present, the index is trading just above 82.000. A move below this could send it lower to 81.000 or even 80.000.