USDOLLAR Pulls Back again From Uptrend Resistance
Chart Prepared by Jamie Saettele, CMT
-“The last several July’s have been important for USDOLLAR. An important top registered in July 2013. In 2014 (low was June 30th and rally began on 7/2), an important low formed. The index is not at a trend extreme but it is at an important technical level; the 61.8% retracement of the June decline and slope resistance.” The push above the line that extends off of the April-June high negates anything bearish. Watch for support at 11970. A drop below 11918 (treated as the breakout day low) would indicate that this breakout was ‘false’. There is a warning sign from divergence with gold.
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