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USDOLLAR Grinds Higher; Heads up on 12300 for Resistance

USDOLLAR Grinds Higher; Heads up on 12300 for Resistance

2016-01-19 20:23:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USDOLLAR Grinds Higher; Heads up on 12300 for Resistance

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 has broken out of a 2 month inverse head and shoulders continuation pattern. The trend is higher as long as above trendline support (red line) but 12280-12300 may slow the advance.

For more analysis and trade setups (exact entry and exit), visit SB Trade Desk

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