Update on the Dollar: Sep 24, 2012

In the last major update I posted on the dollar [see: Update – July 17, 2012], I argued that DX had pretty much run its course at 83.255 and would be heading down to tag the bottom of one of two channels it had been tracking: a steep purple channel at around 81 or the more mellow white channel somewhere around 79.30.

Five sessions later, DX reached 84.245 (a new 2+ year high at the rising wedge apex) and promptly plunged to our first target and paused.  Two long weeks later, it broke loose and dropped almost exactly to our second target — pushing slightly below our 79.30 target to 78.975 on Sep 14.

continued…


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