Dollar Junction
by Rodin
November 17/04
Dollar Junction or 'Red and Blue... Such good Feng Shui...' The dollar is at critical support.
*Note : the $1/year refers to the neckline, not the
buck obviously.
In fact on the above weekly line chart the $USD looks
to have actually broken the blue neckline already, at the sign of the
red arrow. In order to check if this could be true I took the blue and
black necklines, measured their slopes, then mapped them on to a year
long daily candlestick chart. This is the result.
Note that the higher blue and black lines are the Candle
Body (Open/Close range) necklines - the most important IMO, while the
lower pair are the intraday 'wick' necklines. Only Blue Intraday remains
to be penetrated. Thereafter resistance to any upside in the $ will be
strong.
(The $ does have additional support here, but I can't show you it now.)
Here is a nested Fibonacci levels study of $USD. You
can't see the blue 61.8 and 39.2 lines because they are hidden exactly
behind a couple of red ones.
A strong target must be Blue 0% at ~78 - which would
be where the bottom of the red channel (second chart, lower dotted line)
could be by about Christmas. On the other hand, if the $ works it's way
back up through the levels, a re-test of 87 is on the cards. Which is,
co-incidentally, a reflection of 78.
Add 7+8=15 and you get an age and a date STRONGLY associated with the colours RED & BLUE.
You see, it all fits.
Yr enigmatic cartographer of the price-time continuum..
Rodin