USDOLLAR Daily Reversal at Well-Defined 12300 Level
Chart Prepared by Jamie Saettele, CMT
-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.