The below is the daily chart of the USDOLLAR. Further to our previous article, yesterday’s candle may be a bullish reference candle (blue arrow). I.e. a candle with higher lows on either side of it. If today’s candle closes above yesterday’s high (black horizontal line), it will give weight to the bullish reference candle scenario. The greenback is also approaching overhead resistance and the upper boundary of the ascending triangle (red shaded horizontal). A break above will be seen as a bullish development. The RSI(9) is above 50 and indicative of a bullish momentum (blue rectangle). The longer it stays above this level, the greater the chance of further USDOLLAR appreciation. We continue to monitor.
Past performance is not an indicator of future results.
CHART SOURCE: FXCM MARKETSCOPE 2.0