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USDOLLAR Last Gasp Rally; Was that the Top?

USDOLLAR Last Gasp Rally; Was that the Top?

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR Last Gasp Rally; Was that the Top?

Chart Prepared by Jamie Saettele, CMT

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

-Last Thursday (1/28), I published a video warning of a bear trap for the USD. In other words, those that were turning bearish on short term weakness were at risk of getting run over BEFORE the real top was in place. The USDOLLAR rallies to new trend highs the next day and has since backed off. The move has the ‘feel’ of a ‘last gasp’. Weakness below the 3 month trendline (red line) would confirm as much.

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.

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