US Dollar Index Forecast August 27, 2012, Technical Analysis
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The US Dollar Index rose during the session on Friday, but comments by the Federal Reserve Chairman Ben Bernanke in front of Congress suggested that the Federal Reserve still have plenty of tools in its arsenal, and there was scope for further monetary easing. Needless to say, this had the market reverse and fall in order to form a shooting star. We now have a hammer from the Thursday session which made sense of course because it formed right on support, but this has been followed by a shooting star and Friday. This signals serious contemplation at this point in time, and a confused market.
If we get below the 81 handle, we are more than willing to start shorting the Dollar in general. However, if we break above the top of the shooting star from Friday, we think that is a bullish signal and should continue the consolidation back to the 84 handle. In the meantime, we simply wait for one of our signals to get fired off.
US Dollar Index Forecast August 27, 2012, Technical Analysis
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Christopher is a part of the FXEmpire.com analysis team. He writes Forex and Commodities technical analyses on daily and weekly basis. Christopher writes his analyses in a professional and yet simple to understand manner. His analyses are available in both text and videos.
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