USDollar Index Summary

FX:USDOLLAR   Dow Jones FXCM Dollar Index

We have seen quite a vigorous rally on the Dollar Index for the past six days now. However, we have now arrived at the 50DMA and price is starting to show a lack of momentum having formed a doji with today's close, on the 4h time frame you can see this in finer detail. It is important to note that there is no secular and clear catalyst for this sudden move which does bode caution as it means that it is quite probably generated by speculative positioning meaning that it does actually have the potential for further gains.

Several major crosses have reversed sharply along with this move and a breakdown in this rally would be an excellent opportunity to get into some of these markets, the Aussie and the Yen are my personal favorites.


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