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USDOLLAR Fails at Wedge Resistance for 6th Time Since June

USDOLLAR Fails at Wedge Resistance for 6th Time Since June

Jamie Saettele, CMT, Sr. Technical Strategist

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Chart Prepared by Jamie Saettele, CMT

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-The USDOLLAR has pulled back from wedge resistance for the 6th time since June. The response at the wedge line certainly deserves bearish consideration. Previous longer term comments are worth keeping in mind; “the index is currently unchanged for October. In other words, a monthly doji is a possibility. August was a monthly doji and September was a hanging man. Candle patterns are warnings, not signals but the enormity of the situation warrants one’s attention.”

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

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