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USDOLLAR Consolidates Under Upper Parallels

USDOLLAR Consolidates Under Upper Parallels

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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

-“USDOLLAR resistance is seen from sliding parallels (and maybe the upper parallel…which hasn’t been touched yet), from about 12125 to 12200 the rest of this week. Notice how a sliding parallel also identified the February low.” The high last week was on an upper parallel but the index hasn’t broken any support to suggest that behavior has changed. In any case, resistance is up to about 12230 on 3/18.

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