Dollar Showing Signs of Improvement

Technical analysts at Commerzbank AG released a report suggesting that the US dollar index is closing in on a level that could see the currency rebound bringing an end to the long-lasting declining trend. The index tracks the dollar against the other major currencies and the dollar appears to be poised to break through a resistance level of 77.01.

“The 77.01 is a key level to watch, as a rise above that may signal that the bearish trend is over,” said Axel Rudolph, a senior technical analyst at Commerzbank. “If the level is overcome, the next to watch would be 78.33, which represents a 200-day moving average.”

Source: Bloomberg

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.