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USDOLLAR Confined to Tight Range within Larger Uptrend

USDOLLAR Confined to Tight Range within Larger Uptrend

Jamie Saettele, CMT, Sr. Technical Strategist



Chart Prepared by Jamie Saettele, CMT

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

-“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.”

-“Downside resolution is still possible of course but weakness below Tuesday’s low is now needed to be bearish…even for just a move to 11886-11918. A break above the tight range (on its 4th week) would expose 12123/41.” Trading focus is on 11886-11918 (this is support). A daily close below 11886 would trigger a bearish breakdown.

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

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