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US Dollar – Last Chance for a Bearish Response

US Dollar – Last Chance for a Bearish Response

Jamie Saettele, CMT, Sr. Technical Strategist

Daily

US Dollar – Last Chance for a Bearish Response

Chart Prepared by Jamie Saettele, CMT

DailyFX Trading Guides and Forecasts

-The clearest section of recent DXY price action is the 3 wave rally from the May low. That alone suggests that the path of least resistance is lower. Of course, weakness from the July high isn’t impulsive either (but could be motive), which leaves the wave picture unclear. Pay attention to the rising trendline just below price. Weakness below would be the best signal yet that a breakdown is underway. Downward slope is defined by the December-January trendline (there now) and also serves as the bearish invalidation level.

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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