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FX Weekly Report
The FX Weekly Report provides the latest, in-depth forex technical analysis about the FX market each week. By Pierre Charlebois.

Dollar Index enters technical void

May 11, 2009 at 10:58 am • Posted in fxweeklyreport

It is interesting to see that the Dollar Index broke an important trend-line and price action now has only barriers for support.

Most Dollar pairs are showing potential signs of  further reversal so it is difficult to access whether this is a trend change or just a pause in further USD weakness. I would suggest we may see prices struggle in a range for the beginning of the week and then the possibility of blow-off tops and bottoms on many pairs.

 

$Index

The price action has broken an important trend-line and is now subject to many possibilities.

USDindx_May_11_09

EUR/USD

Some correction to start the week. I would expect at least one good push upwards riding on the momentum of the previous break-out; However I don’t have a sense of the target.

EURUSD_May_11_09

GBP/USD

Here, I wonder if a top is in place or just how close one is at hand. Still a push upward is not out of the equation.

GBPUSD_May_11_09

USD/CAD

Here a bottom is likely to form soon. The question is if it will break the barrier at 1.1500

USDCAD_May_11_09

EUR/JPY

Is this a top or just a pause before further rise?

EURJPY_May_11_09

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