USD breakdown on poor GDP release
by John on 25/11/08 at 3:07 pm
The USD GDP was even worse than expected showing a weaker US economy. As a result the USD crossed below a short term support area.
As we can see in this chart the RSI was already giving a bearish divergence since the RSI was lower on the recent dollar highs. Now this breakdown below the support area brings more weakness for the dollar on the short term.
Keep in mind the US markets will be closed this Thursday and will close earlier on Friday, so don’t expect much action until next week.
