| Feb 9 2012, 10:12:10 GMT | Sydney: | 20:12 | Tokyo: | 19:12 | Barcelona: | 11:12 | London: | 10:12 | New York: | 05:12 | San Francisco: | 02:12 |
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The
U.S. Dollar Basket sold off sharply as dovish comments from the Federal
Reserve-indicating the Fed Fund rates would remain low and virtually
eliminating a near-term rate hike-sent the index lower. This weakened
the U.S. Dollar and broke the Channel Up pattern's uptrend line support
on the 15-minute chart. The breakdown through 81.40 (E) traded lower as
sentiment on the Dollar went bearish and U.S. equities rallied.
The short-sell trigger was an Autochartist Initial Movement/Momentum set-up, as the one-bar Initial Trend reading indicated a narrow, non-trending market.
Follow-through after the break of the uptrend line quickly traded lower towards the Autochartist Forecast area between 80.75 and 80.53 (F). Buying support came in slightly above this range, and has allowed some short-term profit-taking to move the market higher towards 81.00, which will act as resistance.
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