If the US Dollar index drops to a new low and the EUR/USD and AUD/USD push through to new highs my dollar bias in the short term will change. It can be an expensive exercise sticking to an incorrect bias and stubbornly refusing to believe that your original analysis was incorrect. We can't win every time.
Overbought readings have dropped back due the the consolidation of the past 10 or so days so a new high is a possibility. The proximity to recent highs/lows in the aforementioned indicies mean that breakouts are a distinct possibility. I hope the tops are in but right now I am not so sure anymore..
Tuesday, November 10, 2009
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