Wednesday, May 20, 2009

USD holding on

USD index has broken all trend line supports and looks quite vulnerable. In my last Euro update I wrote that Euro might be entering the 3 of 3 which proved wrong. Euro remained in its previous range and is still unable to take out its previous high.

Now USD eliiott wave count on the index looks like this. I think the current structure calls for the termination of wave (ii) after which USD will enter wave (iii) to the upside.

This view will be negated below the USD index level of 76. Take a look -

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