USDOLLAR testing bullish trendline (need confirmation)

FX:USDOLLAR   Dollar Index
132 6 3
Last week, I wrote that I expected the Dow Jones-FXCM US Dollar Index             to break a resistance level at 12,040 points. The failed break at the beginning of the week was followed by a 1% drop yesterday, that cannot be explained by hard fundamentals. I think it had to do more with repositioning by traders who had bought the greenback too late on Friday/Monday (i.e. short squeeze on EUR/USD             ). This morning I have noticed that the USDOLLAR             seems to be stabilizing just above a bullish trend line coming in from the June lows. This would be the third test necessary to confirm the presence of such a trend line for all those die-hard tech traders. If the dollar bounces back up to levels seen Monday, my initial call for a bullish breakout above 12,040 points would still be in play. Any longs initiated at current levels have a decent risk/reward ratio as stops are relatively tight (just below 11,060 points should be fine).
yes Adrian !! tes web binaires nous manque ! :-)
AdrianRaymondFX bagus.banours
Merci. Je vous prépare une surprise pour la rentrée.
Super je n'etais pas sur que tu parlais francais. En tout les cas bravo pour ton travail
Agreed, but I don't like your definition of a "tight stop". 11,060 is a long way away so far indeed to nullify the bullish trend long before its hit.
For a swing opportunity with new highs being targeted, I do believe that that's a tight stop. Now that prices are up 17 points, this is no longer the case.
Looks like the dollar is breaking support this morning. Time to cut longs.
Ideas Scripts Chart
United States
United Kingdom
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out