FX Weekly Report

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USD Index − Two possibilities at the current pivot point
Sun, Jun 14 2009, 23:28 GMT
by Pierre Charlebois
Trading Metro
Staying focused on the USD index as it is the proxy for virtually all other
currency pairs we can see that there are two very distinct scenarios playing
out. I have posted two potential counts and am not bias either way as I believe
both are equally possible at this time.
And in fact, counts could require updating as the move up is still not
clearly a reversal and may still be some sort of correction before a return to
new lows.
What I do believe is that if the alternate count is played out that the
downside will eventually give way to an overall turn that will last for several
weeks.
The Dollar is oversold and as we go deeper into this territory the potential
for a larger reversal increases.
So be patient and look for opportunities that are clear.
Key levels to watch this week are 81.50 and 78.32
Cheers and good trading.

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Published on
Sun, Jun 14 2009, 23:29 GMT
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