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Technically Speaking: Dollar Holds Trendline Support

Update: Near Term Outlook for the US Dollar

Of late, trading sessions in which general equities rise in tandem with the Dollar have been few and far between. Wednesday provided one such occurrence. As we all know, one day does not constitute a trend.

The dollar bounced nicely off Tuesdays turn-bar, and is attempting to reclaim trade above the solid green trendline, which would defend an upside price target of 76.41.

US Dollar

Short-term, the dollar has broken out above the 74.69 pivot citing a short-term upside price target at 75.25, which also happens to be the nearest overhead resistance level.


Technically Speaking Video

I trust and hope that you have extracted something of actionable value from this syndicated distribution of Technically Speaking.

Until next time,

Trade Better/Invest Smarter

 


Elliott Wave Technology's Near Term Outlook is for those who demand masterfully consistent and objective technical analysis that visually lays out actionable ideas from which to engage the broad markets over the short and near term. The publication is delivered to institutional and private clients each Monday, Wednesday, and Friday evening.

The Near Term Outlook covers 7 essential broad markets.
US DOLLAR | DOW JONES INDUSTRIALS | S&P-500
NASDAQ-100 | GOLD | CRUDE OIL | BONDS

 

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