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USDOLLAR Outside Day Break Highlights Broader Bearish Risk

USDOLLAR Outside Day Break Highlights Broader Bearish Risk

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR Outside Day Break Highlights Broader Bearish Risk

Chart Prepared by Jamie Saettele, CMT

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

-“The index surpassed 11900 and nearly reached 12050. Today’s (6/2) sharp reversal could be part of a broader topping process.”

-“USDOLLAR is sitting at a downward sloping line. A break below here would set the stage for a much more important decline. A rebound would face resistance near 11966.” The market has voted in favor of a breakdown. There is support down to about 11700 but weakness below there would open up the floodgates towards 11515/50.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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