The dollar has been on a steady drop ever since Bernanke gave his "not so hawkish speech". As you can see, 200 DMA was steady resistance for an entire month and the failure has bearish implications. Current resistance has dropped to the 50 DMA, now at 84.30. This is another reason why I think the Feds will not lower rates anytime soon. In fact, we could get some Fed speak in the coming weeks that will try and counter-act the bond bullishness creeping back in.
This entry was posted
on Monday, February 19, 2007 at 2/19/2007 07:05:00 PM.
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