US Dollar Index, Third and Final Bear Market Downleg?
Currencies / US Dollar Aug 07, 2009 - 05:14 PM GMTAn earlier failed attempt to embark on a recovery phase, thwarted by a 23.6% resistance area, has seen the Dollar Index slipping lower. However, it could be that this is a final downleg…
The FX Trader’s view
MONTHLY CHART:
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DAILY CHART: In the Guide we had been on the alert for further s/term bear pressure, and the recent breaks of the small channel base and 78.334 02-Jun low have confirmed the bears in control for now. At this stage we note a Fibo projection at 76.40, ahead of the 75.17 76.4% level on the long term chart. Characteristic of some other markets too (e.g. EUR/USD), note that a third and possible final impulsive leg (down in this case) is unfolding. We think it is right to be cautious about how long this trend lasts. |
Philip Allwright
Mark Sturdy
Seven Days Ahead
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