Wednesday, 30 June 2010

18:24 BST - Dollar Update

The dollar had better start pedaling hard if its to maintain the uptrend that its been trying to establish for the last couple of days. Since my earlier post, its continued to find support from the cloud, but it just hasn't been able to move up and away from it:

Dollar 60 min ichimoku chart:

Its looking a little more hopeful right at this moment, with price moving back above the turning (blue) and standard (red) lines, but the turning line needs to get above the standard line too. Also, that lagging line (turquoise) needs to get back above price. Its encouraging that its found support from the standard line , but so far, its had resistance from the turning line, so is stuck between them and below the price line.

I've tentatively labelled waves (1) and (2) of [3] up on the elliott wave front, but price now needs to prove this is the correct count. The 85.215 level remains the level to watch for the moment for this count.