Wednesday, May 25, 2011

Dollar Index (DX) Possible Trend Change 5/25

The dollar index has been comfortably trending upwards for the last couple weeks, but after a couple straight down sessions, tonights Asian session has started off with a sharp loss for the dollar. It looks like its best chance of finding support will be in the 75.64 area where there was previous peaks made on last Wednesday and Thursday along with its 62% retracement from its last up move. A slip further than that and we could see the dollar start heading back south, sending just about every other market back on its way up.

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