USD Breaks Support
Dailyfx | Aug 20, 2015 02:55PM ET
Chart Prepared by Jamie Saettele, CMT
h3 U.S. Dollar/h3The push above the line that extends off of the April-June high negates anything bearish. Watch for support at 11970. A drop below 11918 (treated as the breakout-day low) would indicate that this breakout was ‘false’. There is a warning sign from divergence with gold.
Downside resolution is still possible, of course, but weakness below Tuesday’s low is now needed to be bearish -- even for a move to 11886-11918. A break above the tight range (on its 4th week) would expose 12123/41.
Trading focus is on 11886-11918 (this is support). A daily close below 11886 would trigger a bearish breakdown.
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