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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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Monday, October 24, 2011

US $ Flirting with Support...

The first Daily chart below of the US $ shows a couple of interesting bits of information:
  • the 50 sma (red) crossed above the 200 sma (pink) on October 10th and has formed a Golden Cross
  • price is currently trading in between the 50 and 200 smas
  • price is currently flirting with support around 76.00
  • price retreated after hitting the +2 deviation of the uptrending regression channel on October 3rd
  • price has dropped the past 2 days since failing to resume its upward climb at a confluence point of the +1 deviation level of the downtrending regression channel and the "mean" of the uptrending regression channel
  • price has formed a sloppy downward sloping H&S pattern from September 9th with the neckline at 76.70ish
  • my RSI is running a bit hot so price may either consolidate or move up soon
The second Daily chart shows a close-up of the chart above.

If 76.00 fails to hold as support, price may fall back down to a confluence level of 74.00ish...however, if it can re-gain a foothold above 76.70, it has a chance of re-testing 78.00, and possibly 80.00.