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USDOLLAR Lower Parallel Break Needed to Signal Trend Change

USDOLLAR Lower Parallel Break Needed to Signal Trend Change

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

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-USDOLLAR continues to respect well-defined parallels. A drop below the lower parallel would indicate an important behavior change and potential for the largest decline since July 2014. Notice that the March top failed to reach resistance from the upper parallel. This subtlety warns that support will not hold.

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

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