Top in Dollar Index?

by Ashraf Laidi
Mar 12, 2009 13:21 | 5 Comments

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Top in Dollar Index? - USDX Mar 12 (Chart 1)

Emerging signs of a top in the dollar index as the currency falters against EUR, AUD, NOK, NZD and even JPY. GBP remains the exception, whose fundamentals in the banking sector remain most bleak. It may be argued that recovering stocks are weighing on USD, but in such conditions wed expect USDJPY to also rally. Chart below shows the index has faltered right at 89.60, which marks the 38% retracement of the decline from the 2002 high to the 2008 low as well as the TL resistance extending from the 120.50 high of Feb 2002. This is a medium term call, which suggests the 86 figure as the next target, supporting 1.2930 in EURUSD and 94 in USDJPY.

 

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Comments (Showing latest 5 of 5) View All Comments
Ashraf Laidi
London, UK
Posts: 0
12 years ago
Mar 30, 2009 17:03
Morty, check out today's HotChart on USDCAD. i awlays said CAD is maid the worst performers against CAD and it will continue this way for a while.

Ashraf
Morty
vancouver, Canada
Posts: 2
12 years ago
Mar 29, 2009 6:45
G'day

At this point, do you believe that the CAN dollar will trend downwards with the USD, or hold strong and post substantial gains vs USD? Also, the AUS has had substantial gains as you have predicted, but will this continue vs. the CAND?

Regards
Morty
vancouver, Canada
Posts: 2
12 years ago
Mar 29, 2009 6:41
Gday, Do you still believe that the Canadian Dollar will continue to trend down with the USD when compared to other currencies such as the Aussie?
Ashraf Laidi
London, UK
Posts: 0
12 years ago
Mar 23, 2009 9:15
Keoh, if you mean the $1.3740, then yes, I think it will break above it and could go towards $1.3820 as early as today.

Ashraf
keoh
United States
Posts: 1
12 years ago
Mar 22, 2009 14:30
Hi Ashraf,

I follow your commentaries and tv appearances closely. Your viewpoint is one of the most accurate around. where do you think eurusd is going next? will it break the downtrend line from july 08 which coincides quite closely with the 38% retrace of the 1.60/1.23 move? where might support be if it fails to break?