USDollar Supported from Former Resistance
Prepared by Jamie Saettele, CMT
The Dow Jones FXCM Dollar Index (Ticker: USDOLLAR) low today occurred right at the 2/22 high (former resistance becomes support). Bullish evidence includes a positively sloped 20 day average (and 20 day above 50 day average) and daily RSI bouncing off of 50. Bearish evidence is simply the fact that price remains confined to a range (albeit it the upper end of its nearly 12 month range). Exceeding Monday’s high would warrant a cautious bullish bias.
Bottom Line (next 5 days) – ?
--- Written by Jamie Saettele, CMT, Senior Technical Strategist for DailyFX.com
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