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USDOLLAR Breaks Out to 13 Year High

USDOLLAR Breaks Out to 13 Year High

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 last update noted that “the USDOLLAR is a mess right now. The November breakout proved false. Weakness in early December was in line with seasonal tendencies but former triangle resistance provided support. In short, conflicting signals abound (uptrend weakening but still an uptrend) but focus is higher while above the December low.” The index broke out of a 2 month inverse head and shoulders continuation pattern today (1/12). The trend is higher as long as above trendline support (red line) but 12280-12300 may slow the advance.

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