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USDOLLAR 11970 Could Stem Recent Weakness

USDOLLAR 11970 Could Stem Recent Weakness

2016-03-10 19:10:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USDOLLAR 11970 Could Stem Recent Weakness

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last few USDOLLAR updates noted that “trade since November could form a head and shoulders top or simply consolidation before the next leg higher in the multi-year bull move” and that “the turn lower casts a vote in favor of the head and shoulders top pattern. A break of 12000 is needed in order to complete the pattern.” The index is trading around 12000 right now (3/10). Focus is lower but be aware of 11970 and/or 11909 for possible support.

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

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