9 Jul 2013
USD index virtually unchanged
FXstreet.com (New York) - The USD index maintained a near static range yesterday, and is continuing this narrow trend during Asian trading Tuesday.
Lack of catalysts justifies narrow trading range
After a lack of stimuli Monday, the USD index failed to incur any sweeping movements as of these moments in the Asian session. Presently, the USD index is operating at 84.42, down -0.01% Tuesday.
USDIX still ripe with momentum
According to Jim Langlands at FX Charts, “The dailies still have very strong upside momentum and if we can hold the 84.50 level, it looks to me as though we could see a run towards the major trend resistance at 86.00 (61.8% projection of 72.69 o 84.10 from 78.91 is at 85.96). However, should the DXY fail here, then we are likely to see dips towards 84.00 and possibly to 83.50. In the longer-term watch out for a possible reversal from 86.00, should we see it, as seen from the bearish divergence in the weekly MACD, RSI below. In the near term this should have minimal effect.”
Lack of catalysts justifies narrow trading range
After a lack of stimuli Monday, the USD index failed to incur any sweeping movements as of these moments in the Asian session. Presently, the USD index is operating at 84.42, down -0.01% Tuesday.
USDIX still ripe with momentum
According to Jim Langlands at FX Charts, “The dailies still have very strong upside momentum and if we can hold the 84.50 level, it looks to me as though we could see a run towards the major trend resistance at 86.00 (61.8% projection of 72.69 o 84.10 from 78.91 is at 85.96). However, should the DXY fail here, then we are likely to see dips towards 84.00 and possibly to 83.50. In the longer-term watch out for a possible reversal from 86.00, should we see it, as seen from the bearish divergence in the weekly MACD, RSI below. In the near term this should have minimal effect.”