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USDOLLAR Breaks a Support Line

USDOLLAR Breaks a Support Line

2015-08-20 20:16:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USDOLLAR Breaks a Support Line

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

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