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Dollar could gain more this week − Critical juncture on Index

Pierre Charlebois from Trading Metro at 10/12/09


Last week the dollar gained as the week ended with a significant move back to the resisting trend-line on the USD Index. I would say that price action above 77.45 is what could signal a change in trend. So expect further dollar strength in the next day or two and longer term if the price breaks out above 77.45.

 USD Index - Bottoming

EUR/USD - Follow through to the downside is expected

GBP/USD - Some follow through tot the downside is expected

USD/JPY - Bullish engulfing candle would suggest follow through to the upside of this chart

USD/CHF - Neutral to bullish

AUD/USD - Highly overbought

NZD/USD - Bearish follow through expected

USD/CAD - Bottoming/bottomed?

EUR/JPY - Tough call as EURO should weaken some and JPY is a safety currency. However candle pattern suggests upside on this chart. - Neutral to short term bullish

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