USDOLLAR Key Reversal after Spiking Though Key Level

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USDOLLAR Key Reversal after Spiking Though Key Level

Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0

Automate trades with Mirror Trader and see ideas on other USD crosses

-“After flirting with the line that extends off of the 2011 and 2012 lows for 3 weeks, the USDOLLAR found legs and trades just shy of the 50% retracement of the year’s range and 200 SMA. The bullish outside month in July is a good way for long term USD strength to resume.”

-“The USDOLLAR has blasted through everything that I thought would at least lead to a multiday sideways to down move. 10869/97 is a possible reaction level (maybe).” The index reversed sharply after pushing above the August 2013 high at 10897. A counter move may finally be underway. Watch 10756 for support.

–Trading ideasare available to J.S. Trade Desk members.

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