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Chart Of The Day Update: Dollar Index Breakout Chart Of The Day Update: Dollar Index Breakout - Nov 3 09 7:34 EST
Dollar Index Breakout The U.S. dollar is higher against the majors, driven by lower stocks in Asia, as the Hang Seng Index finished the session 1.76% lower . New lows on the German DAX pushed the U.S. dollar index into new three week high areas, after the break of the 76.57 resistance point. “The break of 76.57 on the dollar index could be the confirmation of something bigger to come”, said Grega Horvat, Snr. Currency Strategist at TheLFB. “The market has just broken through the upper side of an ending diagonal pattern formed on the daily chart, which is confirming that the major turning point is developing, with the dollar index well placed above the near-term 75.00 lows.”
“Over the last two weeks, we have been monitoring this ending diagonal structure very closely, and it was more than obvious that we are looking for this turning point”, Horvat also added. Subscribers at TheLFB.com received notification via the chart below on 14th of October, when the dollar was still on the way to new lows, warning of a turning point in equities, and by default on the dollar index.
If you would like to be a part of TheLFB.com and to receive these kind of charts every day, and if you want to know what comes next, and what to expect from the market, then join us now.
For a forex proprietary news feed for your site, contact us. Written by TheLFB Trade Team, © 2007-2009 LFB Services, LLC. All rights reserved. |
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