USDollar Attempts a Fresh Bearish Breakout

FX:USDOLLAR   Dollar Index
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Talking Points
• The USDollar             attempts its first bearish breakout in eight sessions
• Daily S4 support is found at a price of 12,070
Bullish reversals for the USDollar             begin today at 12.077

The USDollar             is opening this mornings trading with a counter trend reversal. Prices for the Index are already trading beneath todays S4 Camarilla pivot point which is found at a price of 12,070. A bearish breakout today is significant, as it represents the first attempted bearish breakout for the USDollar             in the last eight trading days. If prices continue to move towards lower lows, traders may see today’s move as an attempt for a broader reversal for the Index. It should also be noted that a bearish USDollar             , can be taken as a bullish signal for traditional US Dollar             based currency pairs such as the EUR/USD             and GBP/USD             . Pivot traders watching these graphs can watch for breakouts above values of resistance in the event the USDollar             continues to weaken.

In the event that prices fail to continue moving towards lower lows, traders bullish on the USDollar             will look for prices to move back inside of today’s denoted trading range. Range support begins at the S3 pivot point found at 12,077. A reversal to this point, opens the Index to test values of resistance including the R3 pivot point at a price of 12,093. In this alternative scenario, breakout traders should consider concluding any existing positions based off of the changes in market conditions.
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