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Dollar Index: "Temporary Top"

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Nov 22 2010

Risk is on today (higher stocks) on news of Ireland's bailout package, which however is still not fully confirmed. Stocks may easily trade even higher today and push the US dollar even lower against the majors, since we know that higher stock are positive correlated with the Eur/Usd, Gbp/Usd, Aud/Usd... A current trend is also confirmed by a bullish price action, five waves up on Euro and five down on Dollar Index, but we should see corrective pull-back against these moves, before trend will be able to continue.

A five wave of decline on Dollar Index from the most recent high suggests that temporary top has been established. As such, we will look for at least one more push lower, once we will be able to identify a corrective wave B.

Dollar Index 1h chart:




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