With the USDx resilient @81.85-82.05 support levels; as we have maintained a hold, neutral to buy the USD based on our April 16 market analysis report. And currently moved unexpectedly higher to its current price @83.05 which have proven that the corrective phase of the USDx for now has been achieved; from the high @83.50 dated the 4th of April and declined to 81.70 on the 16th of April 2013.
This recovery for the US Dollar have been influenced more on the Euro's decline from market sentiments focused on the G20 meeting as global growth uncertainty still prevailed in the market place.
However, even without the fundamentals, our expectations for unsuspected USD recovery were anticipated and held true to its form and re-testing beyond the 83.50 basis point is in the making. And this is in spite of the reduction of open interest and short-covering volume reported on the latest COT reports. With considerable volume and momentum build-up USD recovery would continue within the week nearing the closing of the month's trading. Click to continue
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