Saturday, December 12, 2009

Dollar Weekly (update: breakout confirmed)

Well, There she goes. Looks like time to buy the dips now
(dollar dips that is)

It broke out clean, on the WEEKLY as of Friday (intermediate term direction now appears UP)

Personally, I am looking for a pullback on the daily chart (short term), to enter some inverse dollar swing trades.
  - even the weekly chart now can pull back some and still land above prior resistance as new found support.

Not thinking to attempting to pinpoint estimate/guess the height or length of this move, however looking at the USD weekly chart and its past trends and durations for the past 20 years. (39mo, 36 mo, 18mo, 14mo)

Even the monthly chart is bouncing where the support level is.
From a technical perspective, the USD looks as 74.23 was a solid intermediate bottom, and the trend is now up till the chart says it's not. (for the next 6-12 months)

disclosure: long exm into years end
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