US Dollar Index: Weakens, Sets Up For The 72.69 Level.
US Dollar Index: The Index remains bearish following through lower on the back of its Thursday losses during Friday trading session. This development has put the Index on another week of losses and opened the door for additional weakness towards the 72.69 level, its 2011 low. A cut through that level will target the 71.509 level, its July 2008 low and subsequently its 2008 low at 70.79. Its daily and weekly RSI are bearish and pointing lower suggesting further weakness. Alternatively, on any recovery, the 74.22 level, its Jun 2011 low will be targeted with a violation of that level allowing for more gains towards the 75.81 level, its April 18’2011 high. A halt is likely at that level if tested. All in all, the Index remains weak and vulnerable as it looks to decline further towards the 72.69 level.
