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Dollar Index Analysis – Technical Update 4/2/2012
The USDX has traded within a 78.61 – 79.56 range this week. This comes in at 95 pips which is 57% of the average weekly range (AWR) over 26 weeks. This week did provide the first higher close over the last 3 weeks. This was far from convincing though and we see this as consolidation rather than a reversal signal. The heavily weighted EUR/USD pair is likewise ranging and a sustained break above or below 1.3000 to 1.3200 is required in order to gain a directional bias. The 79.67 area pivot once again proved to be a solid level with the weekly high turning close to the area at 79.56. This could once again be a key ... (full story)
