Friday, June 17, 2011

Dollar Index (DX) Finding support 6/17

The dollar index hourly chart to our left, and we can see quite a sell off over the last day and a half. It looks like though it will be coming up upon some support in the previous peak at 75.41 shown in green and the 61.8% retrace of the most recent upmove (@75.411). This coupled with the continuation divergence thats forming in the MACD as it pulls back well below the lows of the previous down peak leads me to believe this might be a good area for a rebound. Waiting for a candle stick formation or a small move up to confirm this support to add on to some of my shorts in other markets.

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