February 26, 2013 at 12:26 PM EST
Currency Market: US Dollar Index Breaks Right Through 200-Day Moving Average
The US Dollar Index broke right through the 200-day moving average last week around the 81 level and the recent weakness in the euro has help propel the DX right to the 82 level. It looks like the head-and-shoulders topping pattern is failing as the right shoulder is being offset to the upside. This confirms my thoughts from last week that this market has moved back into a bullish position and pullbacks in the US Dollar Index to the 81 level should now be used to add long exposure. If the longer term trend is in fact shifting higher ...
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