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USDOLLAR Daily Reversal at Well-Defined 12300 Level

USDOLLAR Daily Reversal at Well-Defined 12300 Level

2016-01-21 21:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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Daily

USDOLLAR Daily Reversal at Well-Defined 12300 Level

Chart Prepared by Jamie Saettele, CMT

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

-The last update noted that “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.” The high so far is 12300. Given the daily reversal bar and longer term momentum profile (divergence with RSI on the daily and weekly), this could end up as a decent sized top. Follow through is key.

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

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