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  • Key break here in the 10-year #Treasury yield as it rises to the highest since late June Took out 1.4230 resistance, and the 100-day SMA Eyes now on the 38.2% Fib extension at 1.4775 Also potential falling resistance from March
  • The move in rates after this week’s FOMC has continued and the 10 year yield has pushed up to a fresh two-month-high. Get your market update from @JStanleyFX here:
  • S&P 500 contending with its proverbial ‘line in the sand’ as bulls and bears battle for directional control. How we close/trade around the 50-day moving average could serve as a noteworthy bellwether for risk trends headed into next week. I remain cautious below ~4,480. $SPX $ES
  • USD/JPY trades to a fresh monthly (110.57) amid the pickup in longer-dated US Treasury yields, and the exchange rate may stage a larger advance over the coming days. Get your market update from @DavidJSong here:
  • US yields continue to climb, with the 10-year Treasury yield trading above 1.45% $ZN $ZB
  • $USDJPY bull thesis appears quite constructive. Technicals show topside breakout above trend resistance following a period of consolidation. Bond yields providing the fundamental catalyst. Eyes on Aug/YTD highs. A broad-based deterioration in market sentiment poses downside risk.
  • WTI posting another session of strong gains, currently flirting with the 74 handle $CL #Oil #OOTT
  • The New Zealand Dollar’s bullish breakout attempt in early-September was rebuffed. Price action at the end of the month is telling a different story. Get your market update from @CVecchioFX here:
  • So much for that Evergrande recovery. Shares of the troubled Chinese property developer are down approximately -12% today following yesterday's impressive rally (biggest in a year)
  • Retail trading platform Robinhood announces hire of new Chief Compliance Officer amid regulatory scrutiny
USDollar Breakout ? Not Yet !

USDollar Breakout ? Not Yet !

Walker England, Trading Instructor , DailyFX Education,

The Dow Jones FXCM Dollar Index Basket (US Dollar) was designed to reflect the strength and weakness of the US Dollar relative to a basket of currencies. Currently, the USDollar is trading off of its October 4th high at 10,134 while creating a higher low at 9,443 on October 27th. As price attempts to make higher highs, trend and breakout traders can begin to look for entrys on the currency basket.

Fundamentally, the dollar has rallied on its status as a safe haven currency. During a “Risk Off“ environment, the USD traditionally rallies on purchases of US paper which is deemed as a relatively safe investment. This has been occurring on a frequent basis as the European debt crisis continues to unfold. As recent headlines suggest the crisis to remain an issue, we will begin looking for opportunities to buy the USDollar.

USDollar_Breakout_Not_Yet__body_Picture_1.png, USDollar Breakout ? Not Yet !

Taking Price in to a 4Hour chart we can better see the USDollar moving in a wedge pattern. Resistance is firmly formed at 9,810 by matching up the October 13th and 18th highs. Despite rallying strong for the month of November, the USDollar has yet to break resistance to form new highs. Breakout traders will see this to set entry orders above this resistance level anticipating price to break higher highs.

USDollar_Breakout_Not_Yet__body_Picture_2.png, USDollar Breakout ? Not Yet !

My preference is to buy the USDollar on a break of resistance. Entry orders should be placed over 9,820. Stops should be placed below support at 9,720. Limits should look for a minimum of 100 pips at 9,920 for a clear 1:2 Risk/ Reward scenario.

Alternative scenarios include price trading under resistance and breaking under the 9,665 low.

Additional Resources

Support and Resistance Video

Trading Breakouts

Identify the Trend

---Written by Walker England, Trading Instructor

To contact Walker, Follow me on Twitter at @WEnglandFX.

To be added to Walker’s e-mail distribution list, send an email with the subject line “Distribution List” to

DailyFX providesforex newson the economic reports and political events that influence the currency market. Learncurrency tradingwith a free practice account and charts from FXCM.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.