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USD forecast for coming week ended 10th August, 2012.

USD was struggling to break 83.5 level and I was expecting that therefore USD may test lower levels. In the last day it got support of 82.5 and if it dropped from this level then it has a chance to test older levels of 81.50 and then 80.50 (which is its 61.80 retracement level considering May low).
Here I must say that if USD touches 81.50 then it may be making a bearish pattern, though this is a very early call. But somehow if that occurs then that future pattern can take USD to around below 80 level. I will later focus on this matter.
In the early days of the coming week I will not be surprise if USD again try to re-test 83.5 level, though it has that chance but the option of testing lower levels is more, especially considering the movement in the last day.

Long-term pattern demands USD to go around 89–90 level but since it is not a straight up move so short-term reversals are due. I still feel that USD has a strong chance to reverse from this 81-82 level to completely prove its long-term pattern.

NOTEPlease see the disclaimer of this blog.


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