USD Correction on Horizon, GBP to Take Cues from BoE Inflation Report

7 august 2012 forex news,7 august 2012 forex analysis,forex news,7 august 2012 usd,7 august 2012 gbp ,7 august 2012 usd gbp,forex

Index Last High Low Daily Change (%) Daily Range (% of ATR)
DJ-FXCM Dollar Index 10000.8 10012.31 9981.97 0.01 51.12%

The Dow Jones-FXCM U.S. Dollar Index (Ticker: USDollar) is little changed after moving 51 percent of its average true range, but there appears to be a bullish divergence in the 30-minute relative strength index as it continues to come off of oversold territory. If the pattern take shape over the next 24-hours of trading, the rebound from 9,981 should gather pace going into the middle of the week, which could spark another run at the 10,100 figure. However, as the economic docket for the U.S. remains fairly light over the remainder of the week, we should see risk trends continue to dictate price action for the greenback, and the rise in market sentiment may pick up in the days ahead as European policy makers increase their pledge to tackle the debt crisis.

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