USDOLLAR Retraces to Support
- USDOLLAR moves to support at 11,845
- S4 reversals begin at 11,828
- Range resistance sits at 11,878
USDollar 30Minute Chart
(Created using Trading View Charts: Click on the chart below to zoom in; after zooming in, press the play button towards the right to set the market in motion)
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The Dow Jones FXCM USDollar Index (USDOLLAR) has advanced in four of the previous five trading sessions. However, in this morning’s trading, prices have retraced to key values of support. Currently prices reside at today’s S3 Camarilla pivot found at 11,845. In the event that prices begin to bounce, traders will begin looking for the index to head back towards values of resistance including the R3 pivot found at 11,878.
Alternatively, in the event of a further decline, traders would begin looking for a reversal of the Index on a breakout beneath the S4 pivot found at 11,828. This reverals in price would signal a shift in momentum for the USDOLLAR on the week. In this scenario, traders could begin looking to trade pairs such as the EURUSD, GPBUSD or USDJPY to take advantage of a weakening USDollar.
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---Written by Walker England, Trading Instructor
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