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US Dollar Index Has Found Support Below 80, but the Trend Has Turned Lower
The US dollar has clearly rolled over, and while there is a possibility that this could be a head-fake, I think we must respect the market action here, which is signaling further USD weakness. The 200 day moving average is starting to flatten out near 81, which is about a point higher than current market levels. I think the 81 level will be critical to watch in the coming weeks, as it will most likely cap any further US dollar bounce. The Fed clearly wants to keep rates low, and this will not provide a bid for the USD. Unless the DX can quickly retake the 82 level, I think the risk now lies back to the downside near ... (full story)
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- Edited 3:18pm Oct 2, 2012 1:44pm | Edited 3:18pm
- jplazard
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- Stimulus
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- jplazard
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- Stimulus
- | Joined Feb 2010 | Status: QE, Welfare for Wall Street | 11 Comments
"My 2 cents"