USDX Remains Strong.avi

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The USDX has more legs to move higher which the June contract month in the futures market is targeting its equilibrium 88.80 inital objective from its previous high of 87.57. the corrective move lower thereafter only adjusted its technically over bought Relative strength index. The Fibonacci retracement not lower than 86.00basis pt. may hold otherwise the 85.20 with a negative report of the NFP may trigger a correction lower. Any corrective move would only be giving enough momentum for the USDX to reach its extension before a real correction may be expected as shown on this daily chart of the US dollar.

This is true in the sense that a slight negative divergence occuring on the way higher for the USDX could be seen the same way when the Euro at the 1.2140-50 levels and the GBPUSD at the 1.4250 has made during the closing price of the week of the 28th of May.

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Education

Tags:

• US Dollar Index
• financial futures trading
• volume and Open Interest
• RSI
• Fibonacci