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USDOLLAR Rally Stalls at Well-Defined 11880 Level

USDOLLAR Rally Stalls at Well-Defined 11880 Level

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR Rally Stalls at Well-Defined 11880 Level

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.”

-“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.” 11700 ended up holding and a breakdown is at least on hold as the index has exceeded the line that we were treating as the pivot. The 50% retracement of the June rage at 11888 is joined by the Feb high, March low, and early May high as an area that could influence for resistance.

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

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