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USDollar Attempts Breakout on News

USDollar Attempts Breakout on News

Walker England, Forex Trading Instructor

Talking Points

  • The USDollar attempts to breakout on news
  • R4 resistance is found at 11,892
  • A breakout below 112.14 would signal a bearish reversal

USDollar 30Minute Chart

(Created using Trading View Charts, Click the graph to learn more)

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The USDollar has opened Thursday’s trading with an attempted breakout above key values of resistance. As seen in the chart below, prices quickly spiked above today’s R4 Camarilla pivot on better than expected advanced retail sales numbers. However, since the conclusion of the event, the USDollar has moved back below R4 pivot found at 11,892. A continued decline from this point, opens the USDollar up to a potential reversal for the remainder of today’s trading.

A move back inside of today’s pivot range would label this morning’s price action a false breakout. Traders will begin looking for this scenario if price trades back below today’s R3 range resistance pivot at 11,865. A decline through R3 would open up price to test values of support, including the S3 support pivot at 11,808. Alternatively if prices fail to break inside of today’s pivot range, traders will again look for price to attempt another move through the R4 pivot. This would suggest a return to bullish momentum on a new higher high.

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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.