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U.S. Dollar index, EURUSD and Commodities Playing Together

Currencies / Forex Trading May 15, 2009 - 11:22 AM GMT

By: Michal_Matovcik

Currencies

Best Financial Markets Analysis ArticleProblems are on the both sides of the ocean but technical picture is giving us some new info about potential break of longterm trendline. When we put it in context of breaking the longterm trendline on dollar index, we can see building bearish setup for US dollar. First the EURUSD technical picture.


Double Bottom technical patttern, then flag consolidation with following break of longterm trendline. We are now full week above this trendline and for the time being there is buying interest on dips back to the broken trendline. After Double Bottom formation, there was also created higher low, so another sign of bottoming process.

And here you can see the US dollar index daily chart where is now clear that we have broken longterm rising trendline, we can see double top and then creation of lower low. Another factor supporting this bearish trend is the break of bearish flag pattern and the technical potential of this formation is painted in yellow.

When this setup turns out to be true, then the EURUSD is headed about 10 figures higher and this could lead to the major push in all U.S. dollar denominated commodities. I like gold, silver, natural gas.

    Michal Matovcik
    www.absolutideas.com

    I will not tell you where you can make a living, I could, but everyone has to find his own way to become wealthy. When you find it, you will be a lot happier, because you made it, not me, you will find the way how to be independent financially and I will feed your brain with all kinds of brain meal.  The basic motivation must be hunger for knowledge and other things will come up. After a week? Forget about it, there are other websites which claim they can make wise and wealthy investor in a short time. My basic intention to start absolutideas were my dear friends, who suffered big losses during the crisis years 2007-2008. I saw it coming, I also wrote about it but sometimes it is very hard to be honest and take responsible actions, although it only means to protect all the family wealth and no interesting yields for some time. Want to gain some stock market, forex markets, commodities insights? You will have the opportunity here. So don’t waste your expensive time in “about us” …

    © 2009 Copyright Michal Matovcik - All Rights Reserved
    Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


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