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Strong support will delay USD decline

Tuesday 4 April 2017 16:15 BST

While recent price action has left a couple of bearish signals on the chart, it’s unlikely the Dollar Index will break its long-term uptrend at the first attempt, says Andy Dodd, Head of Technical Research at Louis Capital Markets.

Dodd says a break below 99.233 would confirm a head-and-shoulders top pattern on the daily chart. However, he thinks the strong uptrend (which dates back to the low of 2014) and the 200-day moving average will provide strong support and he would be surprised to see it fail at the first test (see Chart).

See Chart.

Read the full report, including an analysis of the following futures markets:

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Dow Jones Industrial Average
Dow Jones Transportation
NASDAQ 100
Russell 2000
MSCI World Index
STOXX Europe 600
EURO STOXX 50
Crude Oil
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