Hot-Charts
Top in Dollar Index?
by
Mar 12, 2009 13:21
| 5 Comments
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Emerging signs of a top in the dollar index as the currency falters against EUR, AUD, NOK, NZD and even JPY. GBP remains the exception, whose fundamentals in the banking sector remain most bleak. It may be argued that recovering stocks are weighing on USD, but in such conditions wed expect USDJPY to also rally. Chart below shows the index has faltered right at 89.60, which marks the 38% retracement of the decline from the 2002 high to the 2008 low as well as the TL resistance extending from the 120.50 high of Feb 2002. This is a medium term call, which suggests the 86 figure as the next target, supporting 1.2930 in EURUSD and 94 in USDJPY.
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Ashraf
At this point, do you believe that the CAN dollar will trend downwards with the USD, or hold strong and post substantial gains vs USD? Also, the AUS has had substantial gains as you have predicted, but will this continue vs. the CAND?
Regards
Ashraf
I follow your commentaries and tv appearances closely. Your viewpoint is one of the most accurate around. where do you think eurusd is going next? will it break the downtrend line from july 08 which coincides quite closely with the 38% retrace of the 1.60/1.23 move? where might support be if it fails to break?