Thanks Peridot for the $Gold Weekly chart with the 89 MA.
If you replace the Gol with US it brings up the US Dollar Weekly
Chart, and the 89 MA was support from late '05 to spring '06, then
it fell below it and became resistance, and retested from below in
Oct. 2006. That same MA comes in at 77.62 now, and I
believe will still be resistance. Also on the daily
$USD chart:
Late last year and early this year the dollar had/has?
resistance in the mid-high 77 area as you'll see on the
chart. Early this AM on Bloomberg noticed that the dollar has
spiked to the low 77s, and isn't far from any of the above
resistance #s, whether daily, weekly, and several indicators from
the daily chart, from schotastics to MACD, ADX/DMI etc. seem to
either have topped out and/or are starting to reverse and have
major divergence.
One other thing, whether it's stocks like last July when they
let loose the balloons on the floor of the NASDAQ when the Dow
broke 14000, or anything......commodities, currencies, it seems
like when every paper, TV show has how that investment can't be
contained, it's running away, and the trade becomes too crowded and
has everyone chasing it, it's at least a temporary top.
For the last week or 2 all the trading shows and internet sites and
money magazines and money sections of papers have all been touting
how the dollar has broken out and it's going to keep going, and all
commodities are just going to keep going down on the strength of
the dollar. I'm sure a lot more people will race into the
trade today and maybe the next week or more, because after such a
big run up, it may consolidate for a while, may even have a false
break a little through the 77s into 78+ to bring more in before
dropping, but it seems like it's almost reached the end of this
rally. Any thoughts on this?
Charlie, I somehow missed your post on the $USD but found it
when "Searched" for $USD on the blog. The resistance as
shown on your chart held today. Appreciated your
post. p.
Newsletter
Subscribe to our email list for regular free market updates
as well as a chance to get coupons!
$GOLD Weekly
Posted by Peridot on 14th of Aug 2008 at 09:16 pm
$GOLD Weekly- a little below the 86 EMA tonight.
Dollar Resistance 77.5-78?
Posted by charlie on 15th of Aug 2008 at 04:30 am
Thanks Peridot for the $Gold Weekly chart with the 89 MA. If you replace the Gol with US it brings up the US Dollar Weekly Chart, and the 89 MA was support from late '05 to spring '06, then it fell below it and became resistance, and retested from below in Oct. 2006. That same MA comes in at 77.62 now, and I believe will still be resistance. Also on the daily $USD chart:
http://stockcharts.com/h-sc/ui?s=$USD&p=D&yr=1&mn=0&dy=0&id=p83754372944
Late last year and early this year the dollar had/has? resistance in the mid-high 77 area as you'll see on the chart. Early this AM on Bloomberg noticed that the dollar has spiked to the low 77s, and isn't far from any of the above resistance #s, whether daily, weekly, and several indicators from the daily chart, from schotastics to MACD, ADX/DMI etc. seem to either have topped out and/or are starting to reverse and have major divergence.
One other thing, whether it's stocks like last July when they let loose the balloons on the floor of the NASDAQ when the Dow broke 14000, or anything......commodities, currencies, it seems like when every paper, TV show has how that investment can't be contained, it's running away, and the trade becomes too crowded and has everyone chasing it, it's at least a temporary top. For the last week or 2 all the trading shows and internet sites and money magazines and money sections of papers have all been touting how the dollar has broken out and it's going to keep going, and all commodities are just going to keep going down on the strength of the dollar. I'm sure a lot more people will race into the trade today and maybe the next week or more, because after such a big run up, it may consolidate for a while, may even have a false break a little through the 77s into 78+ to bring more in before dropping, but it seems like it's almost reached the end of this rally. Any thoughts on this?
$USD
Posted by Peridot on 20th of Aug 2008 at 04:59 pm
Charlie, I somehow missed your post on the $USD but found it when "Searched" for $USD on the blog. The resistance as shown on your chart held today. Appreciated your post. p.