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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Saturday, July 09, 2011

US$ on track...

In my post on June 23 I made a passing reference to the US$ at a level of 80.00 before Xmas:

These past few days, the US$ has begun to form a rising channel on the Daily chart. Should the trend continue along this channel, the mid-point would be in line with this projected target. The rise in volumes since the beginning of May this year tells me that interest has been building in the US$. Price closed just above the now rising 50sma (red). A price close and hold above near-term resistance of 76.59 is essential at some point for this scenario to remain in play. We'll see where it goes from here.

P.S. Overlayed on the chart below of the US$ are a couple of regression channels...just above the 76.59 level is a confluence level of intersecting channel lines at approximately 76.70...so this seems to be an important level to watch for a potential reversal of the downtrend that started in June 2010.