Thursday, 9 June 2011

Bearish resumption.

Although in the last 11 days we have observed dollar strength, my outlook for the coming days is still bearish. Current move can be classified as corrective or as a pull back to the previous trend line. In the next few days we should see a breakout out of current consolidation and then bearish resumption.

The support and resistance levels which have been calculated with Fibonacci retracement levels are as follow:
1.5317 - 100%
1.4815 - 61.8%
1.4654 - 50%
1.4492 - 38.2%
1.4292 - 23.6%

If you have any questions please do not hesitate to contact me and  remember to subscribe for more forex news.

Tomasz Gdynia


  1. im hating this good aussie dollar, most are loving it.

  2. ahh im gonna have to brush up on my economic vocabulary to understand this blog! I'll be back though!

  3. Looks like i need some dollars :P

  4. great post, can only hope the dollar continues to rise but i doubt it.

  5. I might hold off before converting all my currency for that big America trip next year

  6. I've been hearing a lot about this corrective move in the market, wonder how long it is going to last...

  7. Ah I didn`t think that, nice to know.

  8. Bush and Obama both pursued the weak dollar... do you think it will change any time soon?

  9. Will keep following to remain up to date.