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Dollar Index At QE3 Resistance

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Sep 26 2012

Morning traders!

Despite a strong risk-off reaction seen yesterday during the US hours we will not give up on risk-on views. Reason is on the chart, where at the moment decline on S&P500 cash market cannot be counted impulsive. As such, we think its corrective temporary movement part of a larger uptrend. 

S&P500 (cash) 1h

sp606

With that said, we are observing few pairs for USD short set-ups. One that we like is USDCAD where recovery is clearly corrective with nice resistance at 0.9840-0.9850.

USDCAD 1h

usdcad

Structure on dollar Index is also reason why we expect that dollar rally will reverse soon. Recovery cannot be counted impulsive, notice that price is slow and overlapping within a trading channel. That’s clearly personality of a corrective movement and we cannot ignore. Price is now at 79.80 resistance which was high price after QE3 announcement on Sep 13th.

Dollar Index 1h

dx

We will definitely keep a very close eye on USDCAD for possible shorts in the near future.  Grega

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