11/21 The Wikinvest Daily Angle

Please add updates@feedmyinbox.com to your address book to make sure you receive these messages in the future. The Wikinvest Daily Angle - Market Insight and Commentary from Wikinvest.com How Far Can Dollar Rise on Bernanke Comments? November 20, 2009 at 2:01 am Today's Daily Angle comes from Wikinvest Wire member Kathy Lien of KathyLien.com and FX360.com. You can read the full article on her blog. Flash Player 9 or higher is required to view the chart Click here to download Flash Player now View the full FOREX:EURUSD chart at Wikinvest Bernanke's support for the U.S. dollar and Federal Reserve President Lacker's comment this week that the central bank is paying close attention to the value of the greenback has driven the buck higher against all major currencies. The last time Bernanke surprised the market with a comment on currencies was back in June. According to the following chart, the EUR/USD fell 4 percent in the 2 weeks following Bernanke's comment. However after a month of consolidation, the uptrend resumed. I am a long term USD bear (see my artice Why The Dollar Could Fall Another 5-7 Percent) but as a trader first and analyst second, I know that uptrends do move in straight lines. Shaking out the shorts are needed to get some fresh blood into the markets. Interestingly enough, a 4 percent drop in the EUR/USD would take the currency to 1.44, the former breakout zone. I think any drop will be limited to 1.4650-1.47. Technical chart of the EUR/USD with Bernanke’s comments highlighted Take a look at the chart and make your own judgement.   This email was sent to gatdemit001@gmail.com.  Create Your Account Don't want to receive this feed any longer? Unsubscribe here.