Friday, June 10, 2011

Dollar Index (DX) Restarting Uptrend? 6/10

The dollar index 4 hour chart shown here, has surged today quite a bit, causing just about every other market to head south. We can see in the chart I have retraced the recent up move from its lows at 72.8 (in purple), and its recent down move (in yellow). There was a major resistance test on the way up right at 75.12 where we see confluence of two separate levels. Now that we've broken that I would expect that to provide significant support for any test back downwards. I think we might of just had a larger retrace than normal and could be heading to new relative highs past 76.6 in the upcoming weeks.

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