USDollar Moves to Daily Support
- USDOLLAR attempts to breakout on news
- S4 support sits at 11,794
- A move back to 11,859 suggests a change in market conditions
USDollar 30Minute Chart
(Created using FXCM’s Marketscope 2.0 charts)
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The Dow Jones FXCM USDollar Index (USDOLLAR) has opened today’s trading moving to a new weekly low. After this morning’s worse than expected ADP employment figures, prices quickly attempted to break through the S4 Camarilla pivot at 11,794. However, at present price is trading back above and remains supported at this value. If bearish momentum increases, traders can continue to look for lower lows as price again trades below S4. In the event that the USDollar reverses back to the S3 pivot, found at 11,815, this would suggest that any breakout momentum has ended.
In the event that price does trade back inside of today’s trading range traders can begin monitoring values of resistance. A move of this nature could allow price to test the R3 resistance pivot at 11,859. While a move above the R4 pivot, found at 11,880 would suggest a larger bullish reversal for the USDollar.
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---Written by Walker England, Trading Instructo
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