Friday, October 28, 2005

The US Dollar Topping Pattern

I thought the USD was developing a mini double top to the right hand part of a 3 - 4 month overall topping pattern to its rally in a bear market. Instead, the right hand part of the topping pattern turned into a mini 2 - 3 week head and shoulders pattern. The USD has definately broken down below the neckline of the head and shoulders. Quite bullish for gold and silver.

A 6 month long chart of the USD with daily bar prices

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