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Old 05-20-2008, 09:25 AM
American Trader American Trader is offline
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The action this morning is really exciting for a dollar bear such as myself. This is the most promising setup for the dollar to make a new low I've seen in the at least a few weeks. Below are a 2hr USD/CHF and a 1hr USD/JPY showing them both declining impulsively and breaking previous support while doing so. The USD/JPY's impulsive structure isn't clear, but what is very clear is the three wave rise (labeled a-b-c) prior to this latest fall.

After a correction, the dollar may well be on its way to new lows on the year. The EUR/USD also looks poised to make a new high, and even the GBP/USD looks like it will get to 2.000 at least.

American-T
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