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USDollar Attempts a Fresh Bearish Breakout

USDollar Attempts a Fresh Bearish Breakout

Walker England, Forex Trading Instructor

Talking Points

  • The USDollar breaks lower for the first time in eight sessions
  • Daily S4 support is found at a price of 12,070
  • Bullish reversals for the USDollar begin today at 12.077

USDollar 1Day Chart

(Created using TradingView Charts)

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The USDollar is opening this mornings trading with a counter trend reversal. Prices for the Index are already trading beneath todays S4 Camarilla pivot point which is found at a price of 12,070. A bearish breakout today is significant, as it represents the first attempted bearish breakout for the USDollar in the last eight trading days. If prices continue to move towards lower lows, traders may see today’s move as an attempt for a broader reversal for the Index. It should also be noted that a bearish USDollar, can be taken as a bullish signal for traditional US Dollar based currency pairs such as the EUR/USD and GBP/USD. Pivot traders watching these graphs can watch for breakouts above values of resistance in the event the USDollar continues to weaken.

In the event that prices fail to continue moving towards lower lows, traders bullish on the USDollar will look for prices to move back inside of today’s denoted trading range. Range support begins at the S3 pivot point found at 12,077. A reversal to this point, opens the Index to test values of resistance including the R3 pivot point at a price of 12,093. In this alternative scenario, breakout traders should consider concluding any existing positions based off of the changes in market conditions.

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