The U.S. Dollar is bullish

On June 29 a high-volume down bar took out all the gains that had been made since the June 20 low. It moved higher after that to a higher high than the previous top on June 28. That’s bullish. If the large amount of volume on the 29th was all bearish than it wouldn’t have gone up as it did. Today’s down bar had the same large amount of volume as there was on June 29. Yet today the bar’s size was much smaller. Since the effort was so big compared to the result, it is likely that this is also a time when the professionals are buying the U.S. Dollar (as they did on June 29).

The Dollar has been bullish on a swing trading basis since late August 2011. We may be close to another bullish leg up.

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