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USDOLLAR 12013 is Key to Breakout

USDOLLAR 12013 is Key to Breakout

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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

-After pulling back from wedge resistance, the USDOLLAR index found low at 12013 and is trading at the highest level since the day after the April top. 12013 is key to the breakout interpretation for traders. As long as price is above there, the near term picture is constructive. Watch 12080 for support. 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.”

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.