US Dollar Index Forecast August 30, 2012, Technical Analysis
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The US dollar had a slightly positive session on Wednesday, as it bounced from the bottom of the recent consolidation. We see quite a bit of support down to the 81 level, and as such we think a bounce from this area is more than likely to happen. In fact, if you look at the chart from the longer-term perspective, it seems that the 81 level is the bottom of a massive rectangle that has formed with its top at the 84 level. Because of this, we think we are simply continuing the consolidation by bouncing at this point. Of course, we would have to sell if price is get below 81, as it would show a serious break down. In the short term though, we are looking for reasons to buy.
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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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