USDOLLAR Revisits August 2015 Low

Daily

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The last update noted that “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.” The constructive trade is ‘no longer’ following today’s drop. Again, the market does need to establish above the 20 day average in order to indicate a bullish opportunity.

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