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
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.blog comments powered by Disqus
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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