Chart: USD index's daily chart as at July 26, 2011 (Source: Stockcharts)
Due to the breakdown in USD over the past few days, the earlier comment about a possible unwinding of USD carry trades would not be applicable.
Wednesday, July 27, 2011
USD- dropping on fear of a default on US national debts
Recently, I posted about USD breaking above its downtrend line at 75.5 (here). However, due to stubborn political maneuvering, the US Government is on the verge of defaulting on its national debts. The imminent default has terminated the upside breakout of the USD. In fact, USD took a sharp plunge at the end of trading yesterday (see the intra-day chart for USD/JPY [here]).
Chart: USD index's daily chart as at July 26, 2011 (Source: Stockcharts)
Due to the breakdown in USD over the past few days, the earlier comment about a possible unwinding of USD carry trades would not be applicable.
Chart: USD index's daily chart as at July 26, 2011 (Source: Stockcharts)
Due to the breakdown in USD over the past few days, the earlier comment about a possible unwinding of USD carry trades would not be applicable.
Thanks Alex.
ReplyDeleteWhat can u conclude from the usdjpy chart above?
Genting singapore make a solid rebound today. What's your technique view on this share? Thank you