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Monday, October 03, 2011
Bigger Picture Outlook for the US $...
The US $ ended at the +2 deviation level of a downtrending regression channel (which began in June 2010) after breaking out today above the +2 deviation level of a a shorter rising regression channel (which began in May of this year), as shown on the Daily chart below. It's currently sitting just above the 80.00 level...which happened to be a potential target that I mentioned in passing in my post on June 23rd of this year: http://strawberryblondesmarketsummary.blogspot.com/2011/06/xmas-666.html
I'll be following this chart over the ensuing days/weeks to see whether a Golden Cross ultimately occurs on this timeframe (cross of the 50 sma above the 200 sma), and whether 80.00 holds as support, to confirm a further bullish bias on this currency.
In addition, I see the next level of resistance at around 83.00 as shown on the Monthly chart below...this is a fairly major price level, which happens to be combined with a confluence of the +1 deviation levels of both the longer and shorter downtrending regression channels on this timeframe. Above that, I see the next major resistance level at 93.00.