Friday, December 08, 2006

U.S. Dollar Analysis 12.08.2006

Possible 5 waves down into $0.8224 support and PRZ at the .786 fib level.

Buying coming back into the dollar as seen by the bullish engulfing candle pattern created this week.

Buyers came back into the dollar on Monday, after the last of the sellers sold. Sellers gapped it down first thing Monday morning, and buyers started stepping back in immediately, and continued doing so for the remainder of the week. Friday started seeing early sellers taking it down to test the lows, where they found buyers, closing on the high for the day, and for the week. Look for continuing strength in the dollar next week.

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