CapMoore

Index is Struggling to Breach the Confluence Resistance

FX:USDOLLAR   Dow Jones FXCM Dollar Index
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Index has again found support by the Yearly R1 and
is challenging the confluence resistance around 12000
(Weekly and Monthly PP , Kumocloud and Kijun Sen)
Look for a candle close above 12025 for more conviction
to the upside. A breaching of Weekly R1 and the descending
channel and a taking out of previous high at 12085 may
be the beginning of another larger leg up. A failure at
current levels (Kumocloud and Weekly PP ) will likely lead
to a test of previous low and Yearly R1 again. If that level
fails to support Monthly S1 is in play around 11870.
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