The next few days of action for the dollar index and the PowerShares DB US Dollar Bull ETF (NYSE: UUP) will be critical to the near- as well as medium-term technical outlook. The ability of the dollar to climb back towards a test of key resistance at 79.50 and 27.70/75 will tell us that the dollar in fact is “using” the month of August to create a significant bottom formation.

By Mike Paulenoff

Mike Paulenoff is author of the MPTrader.com (www.mptrader.com) , a real-time diary of Mike Paulenoff's trading ideas and technical chart analysis of

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Comments

Ish
24 Aug 09, 20:09

New Zealand Dollars extremeley over valued

Given the fundamentals (collapsing companies and growing unemployment rates), the appreciation of both Australian and Kiwi Dollars in the recent days is devastating for the country's export sectors and this must be checked by the central banks of the respective countries! Currency mafias have really pushed these currencies much higher than needed!!

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