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US Dollar Price Action Setups - Webinar

US Dollar Price Action Setups - Webinar

2020-07-21 18:59:00
James Stanley, Strategist
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US Dollar Price Action Talking Points

USD Breaks Down

The US Dollar finally broke below the big support zone at 95.86-96.05. This zone has been in-play in various ways since early-2019, as this helped to set the low for the bulk of last year. Even when price action was going through mayhem in March, this zone helped to set the low, albeit temporarily, before prices pushed lower to establish a fresh one-year-low; but even that was a fleeting move as prices soon broke back-above and allowed for just one daily close below this support zone in the past year.

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But – prices have now broken down and the US Dollar is already making a fast run at the 95.00 level which, similarly, has some historical implications on USD. On the below weekly chart of the US Dollar, in orange, towards the left, is emphasis on 2018 and 2019 price action around the 95.00 level on DXY. This zone helped to provide about three months of resistance from May to July 2018; and then soon came in as support to help hold the 2019 lows over a couple of different tests. It’s been a long time since that level was back in-play, of course save for the one daily close that was seen in a brutal month of March trade.

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US Dollar Weekly Price Chart

US Dollar Weekly Price Chart

Chart prepared by James Stanley; USD, DXY on Tradingview

--- Written by James Stanley, Strategist for DailyFX.com

Contact and follow James on Twitter: @JStanleyFX

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

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