You mean, 84? Yeah. It's the low of the 90-s (or the line
connecting the lows). But there is nothing to prevent it
from failing. Currencies are a huge market, and this market
is not driven by speculators. With a trade deficit that we
have, it takes an inflow of $1.5 billion dollars
every day
of the week, just to keep the dollar steady. The Japanese
have been doing that, although now they are not (Yen is
down significantly), so it's all currency speculators,
likely covering their yen longs/dollar shorts.
In other
words, the trend is down, until it is not. And I don't see
that it's not in the charts, just yet.
The only fundamental reason I see for a significant dollar
bounce at this point is
the saturation of the Euro interest rates derivatives market.
If the high is taken out, the uptrend may have started.
So far, I see a broken uptrend, on normal charts. So, I
would not trust it.
quotes.ino.com
The uptrend line is currently at 89. |
