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USDOLLAR Enters 4th Week of Consolidation

USDOLLAR Enters 4th Week of Consolidation

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

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

-The USDOLLAR index has entered its 4th week of sideways trade (top is still day of November NFP). A triangle could be underway, in which case the range would tighten for the rest of the week (or a little longer) before a thrust to new highs (then risk of a reversal lower). Regardless, 12100 (12104 is the September high and the breakout day low) remains key to maintaining a ‘breakout’ bias. Weakness below there could result in a swift reversal of fortune for the USDOLLAR.

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.