February 29, 2012

US Dollar Near Support levels

  • First chart is US Dollar Weekly chart which is near a possible trend line support. Price should hit this line in one or two weeks time.
  • Daily is also moving down in a possible falling wedge pattern. I am expecting a failed wedge here - price breaking below the support line and taking support near 200 SMA for completing a reversal. If the wedge works in a conventional way that may also lead to a reversal in US Dollar.

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