USDOLLAR 12013 is Key to Breakout

Daily

Chart Prepared by Jamie Saettele, CMT

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-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.”

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