USDOLLAR Continues to Fail at Well-Defined Resistance
Chart Prepared by Jamie Saettele, CMT
-The last update noted that “the USDOLLAR index has retraced half of the January-May decline. Near term pressure is higher while the index is above the 5/26 low of 11921. An area that could cause problems for bulls is roughly 12040/64. This area is defined by the 200 day average and 61.8% retracement of the January-May decline.” The index never made it to the cited area. The sharp decline from well-defined slope is evidence that everything since March 2015 is a topping pattern. Near term, continued failures in the area of recent supports (5/26 and 5/27 lows) are viewed in a bearish light.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.