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USDOLLAR 11970 Could Stem Recent Weakness

USDOLLAR 11970 Could Stem Recent Weakness

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

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

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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