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22 Apr 2014
Premature to be selling USD’s at this point - Westpac
FXStreet (Bali) - According to David Coloretti, FX Analyst at Westpac, the USD Index does not look to have put in a top as yet.
Key Quotes
"Recent price rise has generated a positive shift in ST momentum. This is highlighted by the daily RSI(14) breaking above the key 50 pivot while the daily slow Stochastic has shift to a positive trajectory."
"Price is now testing the 50 day MA at 79.98, a close above which would be a further ST positive."
"The key point here is that the USD Index does not look to have put in a top as yet. While we do think the USD rally is a correction, we think it is premature to be selling USD’s at this point in time. We remain on alert for signs of an interim top."
Key Quotes
"Recent price rise has generated a positive shift in ST momentum. This is highlighted by the daily RSI(14) breaking above the key 50 pivot while the daily slow Stochastic has shift to a positive trajectory."
"Price is now testing the 50 day MA at 79.98, a close above which would be a further ST positive."
"The key point here is that the USD Index does not look to have put in a top as yet. While we do think the USD rally is a correction, we think it is premature to be selling USD’s at this point in time. We remain on alert for signs of an interim top."