USDOLLAR Working On Pattern Breakout
- Breaking out of a multi-day, 4-hr flag/channel.
- Trend is higher, sticking with it until further notice
- Target potential of 11800 (2009 high)
The past few days I have been highlighting the bullish posture of USDOLLAR as it maintains its uptrend support, while building a flag pattern. This is a repeating theme from December, and with the trend decisively up, taking long set-ups remains the focus until clear signs of a bearish reversal are in place. On a 4-hr basis, we are seeing the index breakout. As such, the anticipated move is above the previous high of 11715, with potential to reach the 2009 high at 11800.
USDOLLAR 4-hr: Nov ’14 – Jan ‘15
--- Written by Paul Robinson
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DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.