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Strategies & Market Trends : News Links and Chart Links

SPXL 219.63

-1.4%

Dec 1 4:00 PM EST

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To: Les H who wrote (7905)	6/26/2003 12:09:14 PM
From: Les H	Read Replies (1) of 29601

The Fed's decision to not put money market funds in jeopardy gave way to strong dollar buying yesterday and today. Not only was the smaller yield disadvantage seen as a positive, but expectations of a second half recovery mean that some see an end to the easing cycle altogether. Traders may sense a window of opportunity to go long USD, especially considering the dollar's oversold readings on a weekly chart against the European currencies as well as the Canadian and Australian dollars. For a tactical approach to trading the rebound, refer to last month's article "Shorting Soros" from May 21. There we point out that "the combined bullish divergence (between falling price and waning momentum) and bullish wedge pattern could lead to an explosive rally once the dollar breaks out of the wedge" against the Swiss franc. The market has broken above 1.3260 as the first indication of a possible reversal and now the dollar is approaching the large falling wedge trendline, now intersecting at 1.3475. forexnews.com

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