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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