50% Left To Go For The Dollar
- Posted by TheArmoTrader
- on December 14th, 2011
The US Dollar ($USDX) today skyrocketed and hit the highest levels seen since January of this year. With today’s move, the dollar puts itself above the 50% Fibonocci Retracement from the 2010 high of $88.71 AND right at the 50% Fib Retracement from the 2009 high of $89.62. The two charts below show these retracements.
With the Euro crashing, the dollar might see a bigger move up to the 61.8 retrace around ~82.50. If it does, it can seriously put a lid on any potential rally the market might have.
2010 Fib Retrace
2009 Fib Retrace
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Jerry Khachoyan is currently an undergraduate student at UCLA pursuing a degree in Political Science. He started trading in September of 2008. He concentrates on using technical analysis and reading the tape to enter the best risk/reward trades. The stock market to him is one of the greatest inventions by man.
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