If you are a fan of Elliot Waves and retracement in general, Action Forex knows its stuff. I don't always agree with their analysis, but they get it right a lot:
Mar 13 09 07:57 GMT:
"The greenback generally weakens today as consolidation continues, based on improved market sentiments following rally in US and Asian stock markets. As discussed before, a short term top is in place at 89.62 after the dollar index completed a five wave impulsive sequence (81.62, 79.63, 88.24, 85.64, 89.62) and the index is now correcting the whole rise from 77.69. We's expecting some strong support from 86.81 cluster support (23.6% retracement of 77.69 to 89.62 at 86.80) but after all, the key level is 83.58 cluster support (50% retracement of 77.69 to 89.62 at 86.65). Outlook will remain bullish as long as this support zone holds and up trend from 77.69 is expected to resume after the current consolidation. Above 88.53 minor resistance will be the first sign that such correction has completed and will turn focus back to 89.62 high."
"The greenback generally weakens today as consolidation continues, based on improved market sentiments following rally in US and Asian stock markets. As discussed before, a short term top is in place at 89.62 after the dollar index completed a five wave impulsive sequence (81.62, 79.63, 88.24, 85.64, 89.62) and the index is now correcting the whole rise from 77.69. We's expecting some strong support from 86.81 cluster support (23.6% retracement of 77.69 to 89.62 at 86.80) but after all, the key level is 83.58 cluster support (50% retracement of 77.69 to 89.62 at 86.65). Outlook will remain bullish as long as this support zone holds and up trend from 77.69 is expected to resume after the current consolidation. Above 88.53 minor resistance will be the first sign that such correction has completed and will turn focus back to 89.62 high."
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