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Feb 6th, 2010: US Dollar Chart

Posted by pugsma on February 7, 2010

7:45pm EST:  OK here is a very quick look at the US Dollar daily chart.  A lot of perma-bears are out with their US Dollar charts showing the Dollar is in a wave 3 to the upside move.  I see it differently.  It looks to me like the Dollar just completed a classic A-B-C corrective with the usual C=A condition met at $81.  The $81 area is a heavy resistance band from the previous wave (4) peak.  Plus, the daily chart printed a reveral (down) hammer candle on Friday, 2/5 right at the resitance point.  RSI and Slow STO are showing overbought conditions.   Looks like to be the USD is about to head down again.  This should support a strong SP-500 move upward.

USD Daily Chart (EOD 2-5-10):

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