USDollar Reverses Sharply Before 200 Day Average
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) soared today but remains within the confines of its recent range. The strong rally (outside day) today could be the beginning of something more bullish but a break above 9896 is needed in order to increase confidence in a bullish outlook. As a trader, I would go with the break of Wednesday’s range and place a stop on the other side.
Bottom Line – sideways / higher?
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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