Update for: 2012-04-23 - 2012-04-29
Posted on: Saturday, 21 April 2012 15:18
Short-Term Trend: weak uptrend
Finally USD made a low for the decline from the March top and staged some kind of a rally. This rally from the 80.31 low is still not enough to confirm that the next leg up has started, but considering the larger-degree bullish idea here, I think that is a rather likely scenario. A move abv 83.80 will confirm the bullish view and will tartet the 87.40 level.
On the downside, the key support remains at 79.50. Only a break below there will negate the aforesaid bullish view.
Strategy: Longs favored here against 79.50.