US DOLLAR PRICE ACTION SETUPS AFTER FRESH YEARLY HIGHS IN USD
The US Dollar has burst up to fresh yearly highs over the past few trading days, starting on Friday morning as EUR/USD price action began to plunge through the 1.1509 support level that had held up for the past couple of months. That theme of USD strength has largely remained ever since, with USD gapping-up on the open and running into a long-term Fibonacci level around 96.47. That resistance held into this morning, at which point USD bulls pushed through to fresh higher-highs along with the prospect of more.
US DOLLAR BREAKS OUT AND RUNS TO FRESH YEARLY HIGHS
The big item of interest since our last webinar on Thursday was the topside breakout in the US Dollar. The last time we looked at USD, we remarked on the potential for topside breakouts to fresh highs, specifically citing resistance potential at 96.00 and 96.47, which is the 23.6% Fibonacci retracement of the 2011-2017 major move in USD.
US DOLLAR MONTHLY PRICE CHART: FEBRUARY SUPPORT AT THE 50, AUGUST RESISTANCE AT THE 23.6
That 96.47 level was the initial target for our US Dollar Q3 Technical forecast, and this came into play shortly after this week’s open, helping the Dollar to hold resistance into this morning. A few hours after today’s US open, bulls would take no more and pushed through to fresh highs. At this point, that area of resistance becomes potential short-term support for bullish continuation in USD. And the prior area of resistance can also be re-utilized for support potential.
The big question now is what might be able to elicit a pullback. This week’s economic calendar is rather light, with but a few high-impact items of interest. One item that may be compelling is tomorrow’s UK inflation report, as this had helped the Dollar to form a bottom in mid-April, just ahead of the start of that aggressively bullish run that continues today.
Read more:
http://www.xtreamacademy.com/forex-news
The US Dollar has burst up to fresh yearly highs over the past few trading days, starting on Friday morning as EUR/USD price action began to plunge through the 1.1509 support level that had held up for the past couple of months. That theme of USD strength has largely remained ever since, with USD gapping-up on the open and running into a long-term Fibonacci level around 96.47. That resistance held into this morning, at which point USD bulls pushed through to fresh higher-highs along with the prospect of more.
US DOLLAR BREAKS OUT AND RUNS TO FRESH YEARLY HIGHS
The big item of interest since our last webinar on Thursday was the topside breakout in the US Dollar. The last time we looked at USD, we remarked on the potential for topside breakouts to fresh highs, specifically citing resistance potential at 96.00 and 96.47, which is the 23.6% Fibonacci retracement of the 2011-2017 major move in USD.
US DOLLAR MONTHLY PRICE CHART: FEBRUARY SUPPORT AT THE 50, AUGUST RESISTANCE AT THE 23.6
That 96.47 level was the initial target for our US Dollar Q3 Technical forecast, and this came into play shortly after this week’s open, helping the Dollar to hold resistance into this morning. A few hours after today’s US open, bulls would take no more and pushed through to fresh highs. At this point, that area of resistance becomes potential short-term support for bullish continuation in USD. And the prior area of resistance can also be re-utilized for support potential.
The big question now is what might be able to elicit a pullback. This week’s economic calendar is rather light, with but a few high-impact items of interest. One item that may be compelling is tomorrow’s UK inflation report, as this had helped the Dollar to form a bottom in mid-April, just ahead of the start of that aggressively bullish run that continues today.
Read more:
http://www.xtreamacademy.com/forex-news