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USDOLLAR Hold 11736 or Fold

USDOLLAR Hold 11736 or Fold

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR Hold 11736 or Fold

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“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 but the index found support today at an important lower parallel. RSI has also corrected to a level consistent with bull market resumption. A daily close below 11736 could send the USD tumbling.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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