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'Market and Human' Psychology perspectives with tips on how to avoid common mistakes by Pierre Charlebois, Senior Trading Coach at www.TradingPostFinancial.com

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USD index presents good clue to Dollar direction

Posted on March 12, 2009 at 9:00 in Uncategorized by Pierre Charlebois

Look at this chart closely and notice the support of the rising trend-line (red). The current move down is yet to really break out of the grips of the old upward channel. It’s a choppy move that has yet to gain any real momentum downward.

Use caution trading around the current level as renewed USD strength is still very possible.

Cheers

3 Responses to “USD index presents good clue to Dollar direction”

on 13 Mar 2009 at 5:20 am1oluseyi

Hi pierre

I love your post on USD Index. Please, i will love to have your
insight concerning the index.

1. why do you follow, watch the index
2. where can i get one
3. what pairs do you trade on using the index info.
4. What are the indicators you use on it

Many thanks for your effort.

Yours,
Oluseyi
on 22 Mar 2009 at 6:59 am2sureba67

Hi Charlebois,

Its a wonderful, clean chart, simple analysis; conveys all the necessary information.

I feel chances are high for the $Index to test 82.28, which is an important support.

Healthy And Wealthy Trading
on 23 Mar 2009 at 11:58 am3Pierre Charlebois

Hi Oluseyi.

The index is a measure taken across a basket of currencies commonly traded against it.

Here is a url explaining more.
http://en.wikipedia.org/wiki/US_Dollar_Index

I’ll respond in more detail in a blog.

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