BullBear Trading: Stock and Financial Market Technical Analysis

Dollar ready to break out of bullish wedge near .25 node.


The Dollar Index bottomed, as far as I can tell, on 9/17/09 at a node value of .25554, nominal, which is 2.2% (((.25554/.25000)-1)*100%) away from ideal.

The action of the stock market, precious metals and the dollar are all driven by liquidity concerns, and the psychology relating to this. This is why they are tending to move somewhat together....

It should be noted that bullish wedges don't always produce fireball moves in the other direction. Sometimes the escape from this pattern gives a short pop, and then retests the lows again. Sometimes it roars higher and doesn't look back. I have no idea which is more likely, because of all of the geopolitical stuff attached to this index.

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Comment by Steven Vincent on September 29, 2009 at 6:49pm
True, on a price chart the dollar is sitting right below its downtrend and could break out any time. If it does a retest after the break is likely.

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