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Article
Dollar Strengthens From 16 Month Low
17.11.2009 18:25 Tuesday
After trading to its level since July 2008, the US Dollar Index has rallied across the board. In fact, the next wave of USD strength may be broad based as suggested by the short term USDJPY wave count.
The bigger picture pattern is constructive. Either a triangle or complex correction is underway since December 2008. The next leg should be up towards 101.50 (maybe even above). One possibility from 88.00 is a leading diagonal as either larger wave A or 1 from 88 to 92.35. A larger B or 2nd wave may be complete as a double zigzag from 92.35.
Written by Jamie Saettele
www.dailyfx.com
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The bigger picture pattern is constructive. Either a triangle or complex correction is underway since December 2008. The next leg should be up towards 101.50 (maybe even above). One possibility from 88.00 is a leading diagonal as either larger wave A or 1 from 88 to 92.35. A larger B or 2nd wave may be complete as a double zigzag from 92.35.
Written by Jamie Saettele
www.dailyfx.com
