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What's pushed me to sell the dollar
Ian Coleman from First 4 Trading is looking to sell the Dollar Yen, as yesterday's bearish pressure broke the sequence of positive daily performances. The Dollar declined against the Yen as the latest US housing data came in lower than expected.
Existing-home sales on Monday came in below expectations, falling 1.2 percent in June to 5.08 million from 5.15 million in May, according to the National Association of Realtors.
This underscored the need for Federal Reserve support; Ben Bernanke told Congress last week that any reduction in stimulus would depend on the performance of the economy.
Ian says the trend of higher-lows has been broken and that a dip has been brought in over night.
As a result, Ian is looking for a short entry of 99.80, a stop at 101.25 and his targets are 99.30, 98, 70 and 97.80.
00:52 minutes
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