USDOLLAR Line from August and September and 200 DMA Just Below
Chart Prepared by Jamie Saettele, CMT
Automate trades with Mirror Trader and see ideas on other USD crosses
-“The USDOLLAR dropped sharply into a line that has been support at many important lows since the all-time low in 2011. As long as the line holds (along with the 200 day average…magenta line), the sideways trade of the last 6 months should be viewed in a bullish context (although at resistance today (10/1)). If this technical confluence (slope and 200 DMA) fails, then the first major correction since the USDOLLAR broke out in September 2014 is underway and the pain felt would be severe.” Seasonal tendencies are bullish into late November and then turn bearish.
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.