Subject: Good technical chart of the $USD
Looks like a resumption of the dollar downtrend with a sweet retest of support now acting as resistance. This chart is technical analysis 101. Basically it implies that those who bought above support are all now losers and will sell at any hint of getting back close to even. That is why support becomes resistance because everyone that bought above that line is now losing money (Since November) and will take any chance to break even.
I will be watching Gold and the gld to confirm a renewed downtrend in the USD. If the dollar can get back above support then the bulls will win out. That is where you put your stop...around $86 on the USD.
Posts
No comments:
Post a Comment