Quote:
Originally posted by Monk@Dec 8 2004, 10:18 AM
US Dollar is due for a bounce off support (see 3 previous bounces off support at 80 in the 1990's)
Wouldn't be surprised to see a bouce to the 96-100 region here. This would correspond with a 50% Fibonacci retracement of the drop from 120 to 80 AND also this area has proven to be a point of support/resistance in the past (see chart).
Any thoughts on where the dollar is going wig?
http://stockcharts.com/def/servlet/SC.web?c=$USD,uu[e,a]waclyyay[d19801125,20041125][pb34!b8!c10!b200!b50!d20,2][vc60][iub14!la12,26,9!lh14,3!lc20!lg][J40210939,Y]&listNum=1
|
Monk,
I really have no price points as of yet (I actually do very little work on the currencies). I would have to see confirmation of an intervening low first - which I expect.
I think the area you laid out is worthy of note and that as we get closer other indicators will help hone in the most probable price point. I still believe the dollar goes lower into 2007-2008, but the first wave down is nearing completion.
How about today's action in the metals? I was wrong and early on my shorts there, but this could be the "B" wave high I was looking for.