US Dollar Index: Weak, Broader Long Term Bias Points Lower.
US Dollar Index: Outlook for the Index remains to the downside though consolidating off its recent low at the 72.69 level.The Index continues to maintain its long term downtrend as it looks to end the mentioned consolidation and then trigger its long term weakness now on hold. The 72.69 level, its early May’2011 low comes in as the initial support with a violation of there setting the stage for a run at the 71.50 level, its July 2008 low and subsequently its 2008 low at 70.79. Alternatively, a break and hold above the 76.71 level must be established to allow the Index to strength further towards the 77.38 level and possibly higher. All in all, although the Index continues to consolidate, its overall long term outlook remains to the downside.