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Dollar Index Update 30 June 2013

June 29th, 2013
in contributors, forex

Dollar Index Technical Analysis – WC July 1st – USDX Update

by Nick Simpson, Forex-FX-4X

  • The dollar index has spent the later part of this past week trading around the dollar Dollar Index Technical Analysis – WC July 1st – USDX Update83.40 area price pivot zone, after finding an element of resistance at this USDX technical area of interest.
  • When referencing the USDX weekly chart we note that price has closed near the weekly range high.
  • The daily chart (fig 2) shows Friday ended as a bullish engulfing candle (albeit at a swing high rather than the preferred swing low) – possibly hinting at diminishing supply around 83.40.

Follow up:

  • This comes as the EURUSD pair, with its high weighting in the dollar index, has experienced interim support around the 1.3000 round number area.
  • Any sustained break under the euro/dollar 1.3000 handle could potentially see the USDX push through this 83.40 area price pivot. The USDJPY 100.00 area is likewise a key area heading into the new week with the USDJPY pair moving close to 50 pips away from this key area on Friday.
  • We note that the 84.20 level marks the 61.8% Fibonacci retrace of the last major swing lower. This could become a focus if the recent upside trend continues – as is the 84.55 area prior swing high.

Click on either chart for larger image.

USDX – Dollar Index – W1 – Fig 1

dollar index weekly chart Dollar Index Technical Analysis – WC July 1st – USDX Update

 

USDX – Dollar Index – D1 – Fig 2

dollar index d1 Dollar Index Technical Analysis – WC July 1st – USDX Update









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