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USDOLLAR 20 Day Average Still Capping Gains

USDOLLAR 20 Day Average Still Capping Gains

2016-04-26 16:49:00
Jamie Saettele, CMT, Sr. Technical Strategist
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USDOLLAR 20 Day Average Still Capping Gains

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The USDOLLAR index has rebounded from the August 2015 (8/24 specifically) low the last 3 days. This is also the bottom of a downward sloping channel. The manner in which today’s trade unfolded (long lower wick…outside day) indicates support and is promising for formation of at least a near term low. The next step is establishing above the 20 day average, which continues to thwart bulls.

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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