Elliott Wave Live: USD: Flash Alert

Friday, January 7, 2011

USD: Flash Alert

The USD is once again testing the weekly 55-sma as seen on the weekly chart. While the previous test in early December of 2010 failed, the current strength is against the backdrop of a forthcoming stronger NFP # and lingering problems and haircuts in Europe. If the market closes above the 55-sma and take out 81.53( key resistance - see daily chart level) then my expectation is for the dollar to potentially challenge 83.64 (critical resistance).

What are the implications of such a move? Find out by reading my weekly blog post ... Heard on The Street... published each Sunday. A sneak peak of the issue will cover S&P, Gold, USD, Intermarket Relationships, and Commodities.

Best of Trading

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Friday, January 7, 2011

USD: Flash Alert

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