Dollars Torpid State
redember's Blog
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It seems the Dollar hasn't been able to wake up from it's torpid state so far this year. There was a glimmer of hope going into the first week of 2011 but all that seems a distance memory as the DXY has plummeted every since. The price is at it's recent support line of $74.23 and doesn't appear that it is going to take long to break through it as it clears it's path to the 2008 low of $70.70. It is also worthy to note that the selling hasn't been timid, of the last 15 weeks there have only been 3 bullish weeks during the onslaught. So when is the dollar going to wake up from it's hibernation? I'll leave that to the analysts on wall street to vindicate. Until I see a change in the dollar's state of mind I will continue to be very bearish, especially against the other major currencies.
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