USDOLLAR 2nd Large Outside Day Reversal This Month
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“The USDOLLAR pushed through the 2009 high before pulling back. Weekly RSI has been above 70 for 21 consecutive weeks (since 1971on the ICE USD, the next closest reading was 15…that happened twice before sharp declines). This is the 7th consecutive monthly advance (we’ve never seen more than 6 until now).”
-A 2nd large outside day reversal this month indicates overhead resistance. There is support down to about 1715 (lower parallel) but a break of that level would indicate a behavior change.