US Dollar pushing into the 50 day moving average

The Dollar has been the recipient of a huge “anti – risk” trade coupled with sovereign debt woes hitting the Euro. The one/two punch has been enough to push it well off critical support down near the 73 level and has allowed it to move to the downtrending 50 day moving average, an important technical level. Should it be able to keep its footing above this level, there is a very good chance it could clear 76 which would confirm a short term bottom on the chart and set it up for a move towards 77.

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http://traderdannorcini.blogspot.com/2011/05/us-dollar-pushing-into-50-day-moving.html

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