The US Dollar (USD) began a long drop in 2001 after a big run up. Using that slope at the low in March shows the 1:1 Gann angle near $73 which is a 75% retrace of the short term move.
The shorter term USD chart shows price near the 1:2 angle. Assuming that price heads for the 1:1 angle on the chart above, it will move near the 1:4 angle on this chart. As long as price holds the July low I believe the recent price action is a normal retrace of an impulsive move.
Post Modified: November 6th, 2008 at 8:32 am
Tags: Financials · US Dollar (USD)No Comments
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