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Archived IMT (2010.03.15)

by Ashraf Laidi
Mar 15, 2010 18:15

IF THE DOLLAR CHART IS NOT ENOUGH, then not sure what is. http://chart.ly/vea8b7 The bullish engulfing pattern show in todays USD Index candle is typical of trigger to upcoming USD strength (as seen in previous occasions in the chart). S&P500 touched 1150 on Wednesday, Thursday and Friday but failed to close at that level in each of those days. EURUSD needed to close above $1.38 on Friday in order to break out of its 4-month trend line. It closed at $1.3760. Today it trades at $1.3670. USD Index was required to hold above 79.20 on Friday to sustain its 4-month uptrend. Today it trades at 80.19.

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