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USDOLLAR into November and December Ceiling; No Idea What’s Next

USDOLLAR into November and December Ceiling; No Idea What’s Next

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

USDOLLAR into November and December Ceiling; No Idea What’s Next

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 then wiped out December’s rally, testing the 200 day average in the process.” Fast forward and the index has erased most of the decline since 2/3 with a good deal of the rally taking place on 2/26 (was that month end like 1/29…did computers forget that it was a leap year?). Trade since November could form a head and shoulders top or simply consolidation before the next leg higher in the multi-year bull move. Conviction on direction at the current level is nil.

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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