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USDOLLAR-Pay Attention to 12130/60 for Clues on Trend

USDOLLAR-Pay Attention to 12130/60 for Clues on Trend

Jamie Saettele, CMT, Sr. Technical Strategist


Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-On 1/28, I published a video warning of a bear trap in USDOLLAR. 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 rallied to new trend highs the next day and is already at important support (slope that crosses lows throughout 2015 and 200 day average). An important price high is likely in place (see the weekly hanging man candle). Watch for resistance in the 12130/60 zone.

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.