Dollar Downtrend Still Intact

08/12/2009 2:22 pm EST

Focus: FOREX

Thomas Aspray

, Professional Trader & Analyst

chart
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The dollar rallied nicely late last week on higher volume, but the daily downtrend is still intact. The weekly technical studies, which helped identify the March highs, are still negative. The next major support is at 76 and then 74.50 after that. A daily close above 80 would suggest a rally to the 81-81.50 area.

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