Lots of bearish divergences showing up in the oscillators on the UDN charts.Barring an event that pushes the dollar lower this down move is exhuasting.
29.00 is a a major R point.
For those of you who've looked at the historic charts you know that the 29.00-30.00 area has been the extreme.31.00 is the all time top on a very brief spike.If UDN moves into that area the dollar is slipping into serious trouble.No doubt we'll start hearing about a possible collapse.
Think the Fed would let it come to that? No way.Not if they can actually help it. Maybe they can't,who knows? After all it's a currency MARKET and if shorts attack the dollar at key support......