A summary of the USD index . We are currently at a critical area.a drop below and close of the blue rising trendline will be very bearish a violent.

Enjoy the image..

http://chart.ly/uploads/oqih2iq.png?1297989160

[quote=qw25041985]Things DONOT look so good for the dollar .

USD Index Suggests Downside May Be In Store For The Buck

Fundamentals suggest the greenback should be trading firmer considering mostly positive U.S. data surprises, improving growth outlooks, and inflows from emerging markets to developed economies but the buck has not been able to maintain its recent gains. The buck was sold today on the back of continued equity market upside and disappointing weekly jobless claims. Price action has led to a number of technical developments in the USD Index and EUR/USD that suggests near term dollar selling may continue.

USD INDEX

The technical picture in the USD Index seems quite bearish as today’s close under 78.25 bear flag support that projects a measured move objective towards the Dec. ’09 74.00 lows.

Look at image below

http://www.actionforex.c...forexcom/2011021811.gif

EUR/USD

EUR/USD is close to confirming the bearish dollar outlook suggested by the USD Index - hourly closes above 1.3625 declining wedge resistance suggests a measured move objective towards the 1.3900 figure.

Image below :

http://www.actionforex.c...forexcom/2011021812.gif[/quote]


WOOOOOOOOOOOOOOWWWWWWW !!!!!!!!!!! I must say i am pleased by this commentary.Worked out so perfectly and gave me some good pips.@ hisah . i hope you came of it with something....I mean one pattern complementing another pattern...
hope there'll be follow through next week....

AUD/USD Weekly Outlook
After dipping to 0.9943, AUD/USD rebounded strongly from there. Recent outlook in AUD/USD has been quite mixed as it's been clearly losing upside momentum as seen in bearish divergence condition in daily MACD. Nevertheless, AUD/USD is still having strong support from 55 days EMA and refused to stay below this support for multiple attempt. Recent up trend would still continue further and above 1.0119 will target another high above 1.0254. On the downside, break of 0.9943 support is needed to be the first signal of topping. Otherwise, we won't turn bearish yet.

Action fx

GBP/JPY Weekly Outlook
GBP/JPY extended recent rise to as high as 135.48 last week and the close above 134.19 resistance suggests that the cross has bottomed out in medium term already. Initial bias remains on the upside this week and further rise should now be seen towards 137.75 resistance and then 38.2% retracement of 163.05 to 125.48 at 138.83. On the downside, break of 132.48 resistance turned support is needed to signal short term topping. Otherwise, we'll stay bullish even case of retreat.

Action fx

EUR/CHF Weekly Outlook
EUR/CHF's fall from 1.3203 extended further to as low as 1.2894 last week and touched 38.2% retracement of 1.2401 to 1.3203 at 1.2897. The development, with daily MACD crossed below signal line, suggests that rebound from 1.2401 is over. Initial bias remains on the downside this week for deeper decline to 1.2779 support next. On the upside, above 1.3028 minor resistance will turn bias neutral and bring recovery. But risk will now remain on the downside as long as 1.3203 resistance holds.

[url=http://www.actionforex.com/action-insight/eurchf-outlook/eur%10chf-weekly-outlook-20110219133643/[/url]

wow.. new week. Im bull EURAUD@1,3515 TP 1,3585 SL 1,3460,
AUDUSD watchng closely

@Qw - as long as the global debt continues to inflate, i expect the global markets to plunge badly. The grinding 7 month rally has been on thin volume & extremely overbought. This one wil be a spectacle when the reverse gear is engaged. And that wil hit all markets! So be ready for a $ squeeze while gold & silver break out to new highs.
I expect the Irish friday elections to spook the euro going forward coz the new faces are likely to be anti ECB & bank bailout.
With growing arabic unrest, i expect brent oil futures to bypass $120 mark! And ERC will have no choice, but to abandon the fuel price control. KQ will break below 40 - down to 30 in the process.