Thursday, November 11, 2010

US Dollar analysis

The dollar continues to look strong here and will most likely take a crack at MA(50) tomorrow. It met resistance and got rejected at this level in August-September as marked on the chart below. The last time the dollar was convincingly above the MA(50) was in July. The MA(50) currently stands at 48.79, so watch out for this level to get an idea of where the markets are headed. MACD looks really good and I won't be surprised to see the market break through MA(50) tomorrow. The futures certainly seem to be pointing that way!

Take care and good luck!

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