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USDOLLAR Pressures Range Resistance for 3rd Week

USDOLLAR Pressures Range Resistance for 3rd Week

2015-08-06 17:42:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USDOLLAR Pressures Range Resistance for 3rd Week

Chart Prepared by Jamie Saettele, CMT

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

-“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.

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

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