USD is on a bull run and making new tops.Currently it is retracing the move on the top of 54.6375 made on 15.12.2011.It has corrected to make a significant low of 52.30 on 16.12.2011.Again it has made a low lower top of 53.88 on 29.12.2011.Now it has closed below it at 53.49.Now for positional traders the trend is up with the level to be watched being 51.40 for the trend to change for short term.If it breaks the 51.40 level expect it to come to 50.39 levels.On the upside it has resistance of 53.88 break of it will try to challenge the high of 54.6375.For intraday traders one can look to buy above 53.450 with stop loss of 53.350 for targets of 53.78-53.88-53.98-54.08 and below 53.350 can sell with stop loss of 53.400 for targets of 53.28-53.18.53.08-52.98.
Happy Trading!
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