Dollar Declining

05/08/2009 1:13 pm EST

Focus: STRATEGIES

Thomas Aspray

, Professional Trader & Analyst

chart

The dollar has declined further today (5/8), suggesting that our view of a double top in March was correct. The longer-term uptrend was broken in late April, which leaves next trend line support and the 38% level at 83. The next downside target is at 80.50, which, if broken, is likely to signal a test of the 76 area.

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