USD Index in a Triangle

Source: www.forexlive.com

Recent activity has formed a triangle pattern on daily USD-Index charts. Major support is around 79.20; resistance at 81.35. A break through either level should allow follow-through and let the market continue in the direction of the break. Although – due to summer doldrums – we could be stuck in this pattern for a while…


Read more...

  • Dollar continues to weaken

    as the story, mentioned in an earlier post, in this mornings UK Independent continues to gain momentum. Sterling close to breaking 1.6000, currently trading at 1.5995, Euro-dollar trading higher at 1.4725 and dollar-yen lower at 88.95. Gold on this dollar weakness looking to break...

  • Bank of Uganda Lifts Rate 300bps to 23.00%

    The Bank of Uganda raised its new monetary policy interest rate (the central bank rate [CBR]) by 300 basis points to 23.00%...

  • EURUSD pulled back from triangle pattern

    EURUSD pulled back from the upper border of the triangle pattern on 4-hour chart, suggesting that a cycle top has been formed at 1.4011 level....

  • Stops outweighing bids in USD/JPY

    Dealers report heavy selling of USD/JPY which the bids at 97.50 have not quite been able to soak up, 42 the low so far. Corporate offers have been lowered so expect stiff resistance at 98.10/20 on any...

  • Bank of Canada Maintains Interest Rate at 1.00%

    The Bank of Canada held its target for the overnight rate at 1.00%.  The Bank noted on the Canadian economy: “While the...