FOREX TRADE ALERT and OUTLOOK for EUR/USD, USD/JPY, AUD/USD
and UD DOLLAR INDEX
FOREX TRADE ALERT: US Dollar Index
The US Dollar Index is testing support after consolidating in a narrow band between 79.50 and 81 for several weeks. Downward breakout, in the direction of the primary trend, is more likely and would warn of a decline with a target of 73. Penetration of support at 78.50 would confirm. Upward breakout is not expected, but would test resistance from the March low at 83.
Dollar Triangle Against The Euro.
Euro.
The euro displays a triangular consolidation against the greenback — a continuation pattern. Breakout above resistance at $1.42 would signal another primary advance with a target of $1.50. Reversal below $1.38 is unlikely, but would warn that the up-trend is weakening.
Japanese Yen.
The dollar pulled back to test the new resistance level after downward breakout below ¥94 [orange]. Recovery above the upper trend channel/long-term moving average would warn of a bear trap, while respect of the upper trend channel would signal another down-swing. In the longer term, expect a test of the December low of ¥87.
Australian Dollar.
The Aussie dollar recovered above support at $0.78 after a marginal break gave a false bear signal. An up-turn on the CRB Commodities Index is a positive sign for the resource-rich currency. Expect a test of resistance at $0.82. Upward breakout is now likely, and would offer a target of the September 2008 high at $0.85. Reversal below $0.77 is unlikely, but would test support at $0.70.
4xGenie Support Team
Tags: forex options recommendations, forex courses in canada, forex trading courses in singapore, how to trade forex pivot points, forex exchange helsinki, forex rate icici, forex option chain
Blogsphere: TechnoratiFeedsterBloglines
Bookmark: Del.icio.usSpurlFurlSimpyBlinkDigg
RSS feed for comments on this post | TrackBack URI for this post
Leave a Reply
- February 2010 (2)
- January 2010 (4)
- December 2009 (1)
- November 2009 (3)
- October 2009 (4)
- September 2009 (3)
- August 2009 (1)
- July 2009 (2)
- June 2009 (6)
- May 2009 (1)
- April 2009 (6)
- March 2009 (3)
- February 2009 (5)
- January 2009 (6)
- December 2008 (5)
- November 2008 (4)
- October 2008 (6)
- September 2008 (8)
- August 2008 (8)
- July 2008 (16)
- June 2008 (13)
- May 2008 (12)
- April 2008 (15)
- March 2008 (2)
- December 2007 (3)
- November 2007 (56)
