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USDollar Breaks Higher on News

USDollar Breaks Higher on News

Walker England, Forex Trading Instructor

Talking Points

  • The USDollar Breaks Higher on news
  • Today’s R4 pivot sits at 12,000
  • R3 resistance starts at 11,982

USDollar 30Minute Chart

(Created using FXCM’s Marketscope 2.0 charts)

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The USDollar has opened aggressively higher, despite a worse than expected Initial Jobless Claims release this morning. Price is currently trading over today’s R4 resistance pivot, found at a price of 12,000. Bullish traders have been looking for a breakout above this value, and a close above this point will represent the 9th close higher in 10 days. In the event that the USDollar continues to trend higher, Forex traders may begin looking for lower lows on traditional currency pairs such as the EURUSD.

In the event that today’s USDollar rally falters, traders will begin looking for a reversal below the R3 range pivot found at 11,982. A move to this point would open price up for a further decline to points of support including the S3 pivot at 11,944. A further decline to the S4 pivot at 11,926 would have broader bearish implications. A move to this point would represent the first daily decline in price in 6 trading sessions.

Then, to practice setting up orders using Camarilla Pivots, register for a FREE Forex demo with FXCM. This way you can develop your day trading techniques while tracking the market in real time.

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---Written by Walker England, Trading Instructor

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