The Dollar has bounced off the breached downtrend resistance line off Aug 2010 highs, and, according to Axel Rudolph, technical analyst at Commerzbank, increasing the odds for a revisit to the 200-day MA at 0.9875, if the pair holds above 0.9565.
If the pair holds above 0.9565, it could extend its recovery to the 200-day MA, at 0.9874, says Rudolph: "A continued advance to the 200 day moving average at .9874 may now be in the making, provided that no drop
through this week’s low at .9565 occurs."
On the downside, below 0.9565, Rudolph sees the pair heading to 0.9527/.9449: "Should this be the case, though, the .9527/.9449 support area (early April and mid-May lows and May trough) will be back in the limelight."
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