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USDOLLAR Momentum is Waning at 5 Year Highs

USDOLLAR Momentum is Waning at 5 Year Highs

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR Momentum is Waning at 5 Year Highs

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“A double bottom with the October 2013 and July 2014 lows in USDOLLAR was confirmed on the push above 10756. Extreme momentum and sentiment gives scope to a period of weakness in order to reset the market for its next advance. Daily RSI has moderated enough to reset the market for another push higher.”

-Reset for the next move higher indeed as the USDOLLAR is now at its best levels since May 2009. The expansion of the 11143-10920 range is 11365 but beware waning momentum (as per RSI divergence).

--Trading ideasare available to J.S. Trade Desk members.

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