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Saturday, February 12, 2011
US Dollar Sideways Range 77 to 82
U S Dollar weekly chart, long term sideways symmetrical triangle, as time moves on it moves more and more sideways, the range between the rails is now 77 to 82. The neon circle shows the test of the bottom rail two weeks ago and how important it was. Price tapped the rail in that area and the candle closed the week well above which was dollar bottoming behavior and dollar bullish. Now it sits at the 20 MA to start the week of 2/14/11. 79.56 is critical long term S/R so watch that level like a hawk. Price should go up to test this area, the 200 week MA is at 79.5-79.6 as well. If it goes thru than the upper rail at 81.5-82.0 is in play, if it hits its head on the 79.56 ceiling and can't poke up thru, then it will go back down to test the lower rail again around 77. Any break out of this long term triangle would be important and identify the new longer term direction. It appears that price would be agreeable to upward buoyancy over the next month or two with the upcoming test of 79.56 providing vital clues. This information is for educational and entertainment purposes only--do not invest based on anything you read or view here or any links connected to this information. Consult your finanical advisor before making any investment decision.
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